The European Union has “no other option” but to agree its next long-term budget before the end of the year, Cyprus President Nikos Christodoulides has said, insisting the December deadline will not move.

Speaking to the Cyprus Mail, Mr Christodoulides said French President Emmanuel Macron had said he would not negotiate after December, with France holding a presidential election in April next year.

European Council President António Costa has called an extraordinary summit for 26 and 27 November, ahead of which he will present a third budget proposal. Leaders will meet again in Brussels on 17 and 18 December, and Mr Christodoulides said Mr Costa had told them there would be no leaving without a deal.

“He told us that when we meet in December, there is no leaving and there will be no Christmas until and unless we have the budget decided and ready,” the Cypriot president said.

Deadline disputed

Not every leader agrees the deadline can hold. Lithuanian President Gitanas Nausėda has suggested talks could continue into February, while caretaker Swedish Prime Minister Ulf Kristersson said after October’s summit that he doubted agreement before year end was possible.

Spain’s snap general election on 29 November, two days after the summit, adds further uncertainty.

Smaller budget expected

The next multiannual financial framework, covering 2028 to 2034, may end up more than 10 per cent smaller than the European Commission’s initial proposal of €1.76 trillion. Cyprus has proposed €1.73 trillion, while Ireland has suggested €1.62 trillion.

The budget needs unanimous agreement from all 27 member states and approval by the European Parliament. If talks slip into 2027, Mr Costa has warned there may not be time to pass the laws needed for funding to flow without interruption from January 2028. Sources: Cyprus Mail and Cyprus Inform.