European Council President Antonio Costa said on Thursday that the bloc must increase investment in defense, security, and strategic resilience amid growing global challenges.
"We are reaching a decisive moment in the negotiations on our next European budget for 2028 to 2034. The geopolitical environment has changed since we approved the current budget in 2020," Antonio Costa said following his meeting with Czech Republic Prime Minister Andrej Babis in Prague.
"Now, more than ever, we need to invest in defence and security, competitiveness and innovation, and strategic resilience."
Mentioning that this means being "consequential about our ambitions," he talked about modernising the bloc's next budget so that the EU delivers on its new priorities, while preserving the key pillars of support to member states, cohesion and agricultural policy.
"It is essential that we reach an agreement by the end of this year," said the European Council president, stressing that they cannot allow any interruption in European funding to vital projects and policies in 2028.
Costa also highlighted the importance of accelerating efforts to reduce energy costs, "while pursuing our efforts on the clean transition and decarbonisation in a technology-neutral way-that means, nuclear or renewables."
He said supporting Ukraine, Moldova and the Western Balkans on their European paths is also an "investment in Europe's security and prosperity."
