Costa urges EU budget agreement by year-end to protect 2028 launch

António Costa warned that without an agreement by the end of 2026, the European Union risks missing the January 1, 2028 launch of its next seven-year budget. The European Council president spoke after the October 16 summit.

Preparing a new budget for implementation normally takes at least a year to eighteen months, he said. Changes to spending structures and funding mechanisms would make preparation more difficult this time.

Security, defence and competitiveness will play significant roles alongside agriculture and regional policy.

Leaders did not agree the main parameters of the 2028–2034 budget at their October 15–16 summit. Costa rejected delaying an agreement because of elections in individual countries.

The summit conclusions tasked him with continuing negotiations. Agreement by year-end would allow the necessary legislation to be adopted in 2027.