Polish Prime Minister Donald Tusk announces record defence spending in 2025 budget
The current proposal would break the previous defence spending record of 159 billion zlotys (โฌ37 billion) in the 2024 budget.
2024 budget
Macron, Le Maire feud flares up amid Franceโs fiscal woes
The French president is agitated by his finance ministerโs calls for drastic spending cuts ahead of the European election, where his centrists are likely to face a drubbing.
Counting frozen Russian funds
SNEAK PEEK โ Former Tory leader criticizes slow movement of Russian asset seizure.ย ย โ SCOOP: City minister talks up U.K. financial servicesโ role in digital innovation. โ Banks push back against new government snooping bill. Happy Wednesday! Weโre half way through the working week and oodles has already happened in the happy land of financial [โฆ]
City vs government in Russian freeze to seize debate
SNEAK PEEK โ U.K. government scared of seizing Russian assets, MP says. โ Treasury talks tough on fraud with new rules for banks. โ City minister summons banks to chat growth. Good morning readers!ย Absolute ripper of a newsletter today, if we do say so ourselves. Read on to get the latest on why an [โฆ]
Portugalโs far right comes roaring back
Sunday’s election leaves the country with nobody firmly in charge, and the nationalist Chega party poised to wield a remarkable amount of power.
One year on from Silicon Valley Bank collapse
SNEAK PEEK โ Silicon Valley Bank collapsed a year ago: whatโs changed? โ Ministers gather for U.K. Global Fraud Summit. โ Labour assembles crack team to advise on National Wealth Fund. Happy Monday! Welcome to another week of financial services news and views. To kick off the week we have an amazingly insightful review into [โฆ]
Netanyahuโs deal with the devil
Under the cover of war, Israelโs far right and ultra-Orthodox leaders are looking to turn Israel from a liberal, largely secular democracy into something more religious, nationalist and intolerant.
As Meloni embraces Africa, Europe holds its breath
Italian leader is to outline her flagship plan for Africa on Monday.
German farmers blockade Berlin with tractors in subsidy row
The government is grappling with a budget crisis after a court ruled its 2024 budget was illegal.
A starring role for NASA in Bidenโs push to end cancer
Astronauts aboard the International Space Station are using microgravity to unlock the diseaseโs secrets.
Germany changes budget deal after farmersโ protests, cuts marine fund
In a bid to soothe farmers protests, the German government has announced changes to its hard-won budget compromise, which will see some subsidies for farmers kept and a fund for marine protection slashed.
Party vote provides slight relief for Germanyโs troubled coalition
Members of the fiscally conservative Free Democrats voted to remain part of the three-party alliance, relieving some pressure on the government.
German farmers reignite Berlinโs budget crisis
The coalition’s recent spending compromise is under threat as farmers take to the barricades.
German budget crisis: Government reaches spending deal for 2024
The agreement comes after weeks of tense negotiations among ruling parties.
Slovakiaโs 2024 budget proposal should be called โpre-bankruptcyโ, says opposition
The budget for 2024 presented by the Slovak government, with a deficit of 5.97% of GDP โ the highest in the EU โ and plans to increase spending and taxes, can only be described as pre-bankruptcy, Michal ล imeฤka, leader of…
German budget crisis: Ruling coalition gives up on finalizing 2024 budget before yearโs end
Their inability to reach a deal underscores the deep rifts between Germany’s three ruling parties.
Germanyโs budget crisis: No clear way forward after coalition misses deadline
Governing parties failed to reach a deal on the 2024 budget, prolonging Germany’s fiscal freeze.
German budget crisis strikes at heart of the Greensโ ambitions
The party wanted to make Germany a ‘forerunner’ in the fight against climate change. But budget woes have thrown a wrench in their plans.
Fear and anger rise in Germany over handling of budget crisis
Der Spiegel accuses Scholz of โleading country into chaosโ as MPs scramble to plug โฌ60bn shortfallThe German government is struggling to find a way out of a billion euro budget crisis that risks stifling its vision for environmental and industrial tran…
OECD warns Franceโs deficit projections are too optimistic
The French governmentโs deficit reduction projections are not realistic, the Organisation for Economic Cooperation and Development (OECD) found in a report published on Wednesday (29 November), stating France ought to โstep up the pace of fiscal consol…
Germanyโs Scholz downplays impact of โdebt brakeโ court ruling
German Chancellor Olaf Scholz was harshly criticised by the opposition after he downplayed his government’s declaration of emergency for the 2023 budget following the constitutional court’s ruling – as questions remain over how to fill the โฌ60 billion …
Scholz promises new budget plans โvery quicklyโ amid German spending crisis
Chancellor is still not signaling where Berlin can make cuts after a court ruling blew โฌ60 billion hole in the country’s budget.
German parliament cancels 2024 budget vote amid political crisis
Bundestagโs budget committee postpones vote indefinitely following constitutional court ruling against coalitionโs spending plans
Germany delays 2024 budget after court ruling shakes government
The German parliamentโs budget committee has delayed a meeting originally set for Thursday (23 November) to finalise the 2024 budget, following a court ruling that cancels โฌ60 billion off a climate fund and could have broader implications for other pub…
EU gives France an โFโ grade on spending plans
High deficit puts Paris in breach of EU’s budget rules. Belgium, Finland and Croatia also singled out.
Albania: Opposition politicians set off coloured smoke bombs in parliament
The smoke flares and fire were part of an attempt to try and stop the chamber voting on the 2024 budget.
Albania opposition starts fire in parliament during anti-government protest
MPs set off smoke bombs in middle of chamber in failed attempt to stop vote on 2024 budgetAlbaniaโs opposition has set off smoke bombs and started a small fire in the middle of parliament in a failed attempt to stop the chamber from voting on the 2024 …
Italian economy minister defends new controversial budget bill
Italian Economy and Finance Minister Giancarlo Giorgetti has vigorously defended the 2024 budget bill against criticism from representatives of the Bank of Italy and Confindustria about the vulnerability of a budget manoeuvre in deficit and about its l…
Lawmakers, countries clinch deal on 2024 EU budget
The budget will help to address ‘the most urgent consequences of the crisis in the Middle East,’ the European Commission says.
Portugalโs president announces early elections for March 2024
Prime Minister Antรณnio Costa, who submitted his resignation on Tuesday, will stay on in a caretaker role.
Portugal to hold second election in two years after PMโs resignation
President announces 10 March date for parliamentary election after Antรณnio Costa stepped down on TuesdayPortugal will hold a snap parliamentary election โ its second in as many years โ on 10 March, the president has announced after Tuesdayโs abrupt res…
Russia withdraws from CFE, NATO countries suspend adherence
SNEAK PEEK โ Russia withdrew from the Treaty on Conventional Armed Forces in Europe: NATO announced the suspension of the agreement in response. โ Britain and Canada push back against a bill to fund the U.S. government next year, saying it would seriously harm maritime defense cooperation between the three allies. โ Europe undermined hopes [โฆ]
Rishi Sunak plots pre-election tax trap for Labour
Could the Conservatives derail Keir Starmer’s apparently smooth path to victory with a tax giveaway next year?
Portugal in political crisis after PM Antรณnio Costa resigns
The far-right Chega party could be a kingmaker if a new election is held.
There is no pressure to negotiate with Russia, says Zelenskyy
It ‘has never been like this and will never be,’ Ukrainian president says.
Want French cash? Stay in France, MP tells businesses
Multinationals who want access to French public investments must remain in the country for a minimum of ten years after receiving the funds, according to an amendment to the 2024 budget bill.
European politicos plan American tour to press for Ukraine support
SNEAK PEEK โ European politicians plan to engage directly with American voters over whether to continue to provide military aid to Ukraine. โ A combined โฌ800 million for intelligence and cyber in the next annual French budget is just about enough according to the chief of the defense staff. โ Polandโs potential next defense minister [โฆ]
Orbรกn wants Ukraine to โnegotiateโ for military aid cash
SNEAK PEEK โ As EU leaders meet again today, Viktor Orbรกn is still refusing to free more cash for military aid to Kyiv. โ Ammunition: Beyond the pace of production, the next biggest issue is cost. โ In Ukraine, the future of warfare is a $400 drone killing a $2 million tank. Good morning, and [โฆ]
MEPs propose to give seized weapons to Ukraine
SNEAK PEEK โ Parliamentarians want to dispatch military hardware that was impounded near Libya to Ukraine. โ Germany will send military equipment worth โฌ1.4 billion to Kyiv. โ A maritime lobby group has laid out the principal trends in naval defense to inform future EU financing programs. Good morning, and welcomeย to Morning Defense. Tips toย jposaner@politico.eu,ย lkayali@politico.euย andย clarson@politico.euย or [โฆ]
Ukraine and Germany announce first JV defense project
SNEAK PEEK โ Ukraine and Germany will today announce a new joint-venture defense project between Rheinmetall and Ukroboronprom. โ The U.S. plans to sell over $1.5 billion worth of missiles to European countries. โ Inside the Tonnerre: Life aboard a French amphibious helicopter carrier. Good morning, and welcomeย to Morning Defense. Tips toย jposaner@politico.eu,ย lkayali@politico.euย andย clarson@politico.euย or follow us atย @joshposaner,ย @LauKayaย andย @calebmlarson. [โฆ]
Former Estonia army chief boosts Europeโs defense industry
SNEAK PEEK โ The former chief of Estoniaโs defense forces, now an MEP, is working on how to help Europeโs defense industry. โ France wants its security and defense think tanks to become more influential. โ Germany wants to make its armed forces more attractive for women amid recruitment challenges. Good morning, and welcomeย to Morning [โฆ]
General Petraeus warns of urban warfare in Gaza
SNEAK PEEK โ David Petraeus, ex-CIA director and four-star general who led coalition forces in Iraq and Afghanistan, warns of carnage should Israel launch a ground invasion into Gaza. โย Russia revoked ratification of the Comprehensive Nuclear Test Ban Treaty, raising the specter of renewed nuclear testing. โ The European Commission opened applications for funding under [โฆ]
France readies for charm offensive as debt levels back on rating agenciesโ radar
As the French government pushed its 2024 budget bill through Parliament without a vote on Wednesday (18 October), and threats of an excessive deficit procedure (EDP) hover, France is once again under the microscope of credit rating agencies.
Fearing Commission reprimand, French government bypasses MPs in budget bill push
The French government pushed the first chapter of its 2024 budget bill through parliament without a vote on Wednesday amid growing fears that the European Commission could slap France with an excessive deficit procedure in the spring. The annual Budget…
EU Parliament pushes for extra โฌ6.3bn for 2024 budget
The European Parliament has agreed its position on next year’s budget, adding โฌ6.3bn to tackle the challenges ahead. This will further complicate the trilogues with member states who have proposed cuts to the EU Commission’s draft.
EU to US: Help, we canโt cope without you on Ukraine
Bloc’s foreign policy chief says Europe can’t compensate if Washington drops support for Kyiv.
Franceโs 2024 budget walks tightrope as excessive deficit procedure looms
France’s 2024 budget treads a fine line, with green transition financing and the battle against inflation taking precedence over reducing public debt – though the high deficit raises fears the Commission may trigger an excessive deficit procedure.