Economics Report - EU Countries Agree on Financial Framework

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VOA Learning English, this is the Economics Report in EnglishEuropean Union countries have struggled to find common ground they tried to work out a budget agreement in . But this month, they agreed on the European Union's financial framework, or MMF, for the period from 2014 2020. The MMF sets the EU's yearly spending at $1.3 trillion. That is one percent of the income the EUMembers agreed to reduce total spending by more three percent for the period. This is the first that members have accepted cutting costs. European Council President Van Rompuy spoke after the agreement was announced. He the compromise budget might not be perfect. But, he , it should help all EU membersGerman Chancellor Angela Merkel the long-term spending plan. She said the agreement makes more predictable and enables members to act in Europe's . Some EU leaders have been calling for greater spending in their home countries. They wanted the EU to that it too is willing to cut costsBritish Prime David Cameron welcomed the agreement. Before the two-day meeting Brussels, he had threatened to veto the budget, if were no steps toward reducing spending. But the agreement might not succeed. The European parliament must approve the . And some members of the parliament say it fails deal with many problems like the sharp differences in between rich and poor people. If the measure is , it will affect 28 European Union countries. The EU Croatia is expected to join the group in JulyFor Learning English, I'm Carolyn Presutti. (Adapted from a radio broadcast 22Feb2013)

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