EU proposes 2 trillion seven-year EU budget, says Budget Commissioner

BRUSSELS, July 16 (Reuters) - The European Commission on Wednesday proposed a 2 trillion euro seven-year EU budget, EU Budget Commissioner Piotr Serafin said, kicking off a long and contentious negotiating process as the bloc seeks to invest more in new priorities such as defence and innovation.

An agreement on the EU budget, which will run from 2028 to 2034, requires backing from all 27 member countries and sign-off from the European Parliament.