European Parliament plenary session focuses on 2028-2034 budget and geopolitical issues

The European Parliament is holding its plenary session in Strasbourg this week, focusing on the Multi-annual Financial Framework for 2028-2034. On Tuesday, lawmakers will define their position on a proposed budget of 1.78 trillion euros in 2025 prices, which is 175.11 billion euros higher than the European Commission's initial proposal. This amount represents 1.27% of the EU's gross national income, with debt servicing for the Recovery Fund excluded from the ceilings. Members of the European Parliament argue this is the minimum funding required to support essential European programs. This position will serve as the basis for future negotiations with EU member states once the Council adopts its own common position. Additionally, on Thursday, the Parliament is expected to adopt guidelines for the 2027 budget, prioritizing competitiveness, defense, security, and digital and green transitions. The plenary session will also address ongoing developments in the Middle East and the war in Ukraine and their respective impacts on energy and the economy.