Barroso: EU Needs "Shock Absorber" Budget
Following a meeting with Swedish Prime Minister Göran Persson, European Commission chief José Manuel Barroso said that the EU needs to rapidly adopt a budget that can function as both a competition driver and a ”shock absorber” against economic challenges.
He told reporters in Stockholm that, ”We cannot just have a budget for investment and research ... and forget about solidarity with the poorer regions.”
Negotiations on funding for the period 2007-2013 collapsed without a solution at a Brussels summit last June but Barroso voiced optimism that the union would reach an agreement.
Britain, which currently holds the EU rotating presidency, has committed to finding an agreement on the budget before the end of the year.