Economics
Post-Brexit Budget Impasse Exposes Europe’s Divisions at Summit
- EU member-states must hammer out new fiscal plan by year-end
- Groups disagreed on size of budget and whether to keep rebates
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The European Union’s first post-Brexit summit descended into acrimony as squabbling over the bloc’s trillion-euro budget exposed the fault lines holding back its geopolitical ambition.
After a 28-hour gathering in Brussels, EU leaders conceded it was impossible to agree on a seven-year fiscal plan amid differences over spending. They’ll have to reconvene sometime before the end-2020 deadline.