When the European Union unveils its long-term spending proposals next week, it will kick off the bloc's biggest budget battle in recent history.

EU chief Ursula von der Leyen has a mammoth task on her hands: present a budget for 2028-2034 that supports farmers, helps member states ramp up their defence spending, and all while paying back the debts racked up during the covid pandemic.

The European Commission, the bloc's executive arm, will outline the proposals Wednesday, setting the stage for explosive debates with capitals and EU lawmakers over the next two years.

The previous 2021-2027 budget was worth around 1.2 trillion euros ($1.4 trillion) and made up from national contributions -- around one percent of the member states' gross national income -- and money collected by the EU such as customs duties.

The European Parliament has already made it clear it wants more money.

Von der Leyen wants the budget to address the EU's priorities: security, competitiveness and better preparing the 27-country bloc for economic shocks.

But the EU wants to achieve this while reining in ballooning public........

© International Business Times