Europe Adopts Austerity Budget

Lawmakers in Brussels have reached a last-ditch deal on the European Union’s (EU) 2014 budget after 16 hours of talks, cutting spending by nearly 6 percent from last year.

Spending will total 135.5 billion euros ($181.6 billion) for next year – 0.5 billion euros less than the Commission proposed and 0.9 billion euros short of what the European Parliament had wanted.

But member states, hit with austerity measures at home, had been calling for a bigger slash to spending. The 2014 EU budget is 0.5 billion euros above what they sought.

“I’m glad that we could reach an agreement with the European Parliament on the financing of priority areas such as growth, employment, innovation and humanitarian aid,” said Algimantas Rimkunas, deputy finance minister for Lithuania, which holds the EU’s rotating presidency.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza