A special European Council summit on the EU’s long-term budget broke up on Friday without a deal.
The summit in Brussels started Thursday afternoon and consisted primarily of bilateral meetings lasting through the night and during the day on Friday. A compromise proposal was circulated on Friday afternoon but leaders were unable to come to an agreement on the 2021-2027 financial plan.
“Unfortunately today we have observed that it is not possible to reach an agreement,” European Council President Charles Michel told reporters. “We have observed that we need more time.”
During the last round of budget negotiations in 2012-2013, it took the European Council two summits to reach an agreement on the EU’s long-term spending.