Following today's inconclusive summit, António Costa, the president of the European Council, has taken charge of the EU budget negotiations.
Costa intends to reflect on the feedback provided by member states, which are still attached to their red lines and maximalist positions, and propose a new compromise text in the coming weeks.
The compromise will seek to explore a different logic than the one proposed by Ireland, which alarmed Brussels by cutting heavily on the emergency funds of the so-called EU Facility. Officials say the lessons from the past years (COVID, Ukraine, energy crisis, climate change) justify leaving a considerable amount of funds unallocated.
Another key priority for Costa is the New Own Resources, the EU-wide taxes that are meant to bring additional revenue into the common pot.
A special summit dedicated to the budget will be held on 26 November. Costa's compromise should be proposed before then.
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