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European Union Budget Is 11 Billion Euros Short, FTD Reports

The European Union has an 11 billion-euro ($14.6 billion) hole in its finances caused by more demand for structural aid than expected, the Financial Times Deutschland reported, citing an interview with Budget Commissioner Janusz Lewandowski.

Lewandowski held EU member states responsible, since they increased the budget by only 1.86 percent for 2012 in comparison with the previous year, less than inflation, the FTD said. The European Commission has a budget of 129 billion euros for grants and subsidies this year, the newspaper said.

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