Irish presidency to present new compromise 2028-2034 budget in time for October EU summit

Ireland, which takes over the presidency of the EU’s Council of Ministers on 01/07/2026, will prepare a new compromise budget for 2028-2034 for the Union’s leaders to discuss in October, the president of the European Council has said.

Following a discussion on the EU's budget for 2028-2034 at a summit of leaders on 19/06/2026, António Costa, the President of the European Council, said that they had agreed that Ireland’s presidency would prepare a new “negotiating box”, or compromise proposal, in time for the next European Council meeting on 16/10/2026.

Costa also said that Ireland had been asked to make progress on a new source of revenues for the EU budget. The Commission has suggested several new “own resources” to generate more funds for the Union’s central budget, including taking a share of revenues from the Union’s Emissions Trading Scheme or the Carbon Market Adjustment Mechanism, a new tax on electronic waste or a share of corporation tax.

Creating new funding streams for the EU budget is always politically difficult because member states usually resist giving the Union new…