Cyprus, currently holding the EU Council presidency, has proposed a 2% reduction – equivalent to €32.8 billion – to the EU’s proposed budget for the 2027-2034 period. The move aims to bridge the gap between member states with differing budgetary priorities. Some nations, often referred to as “frugal” states, are advocating for deeper cuts, while others resist reductions. The proposal was presented on Thursday as a means of fostering agreement on the long-term financial plan. Details regarding specific areas affected by the cuts were not immediately available. The reaction from Bulgaria, and other member states, to the Cypriot proposal remains to be seen. This initiative represents a key step in the ongoing negotiations surrounding the EU’s next multi-annual financial framework.