Ireland, currently holding the EU presidency, has proposed a reduction of the next seven-year EU budget to €1.622 trillion. This figure, equivalent to approximately 39.5 trillion Czech koruna, is lower than the European Commission’s original proposal of €1.763 trillion (roughly 42.9 trillion Czech koruna) from July of last year. The Irish proposal represents approximately an eight percent decrease from the Commission’s initial budget plan. The largest cuts are slated for chapters dedicated to competitiveness, prosperity, and security within the EU. According to Ireland’s Minister for European Affairs, Thomas Byrne, the proposal represents a balanced approach to EU spending. The proposed cuts will likely prompt debate amongst member states regarding funding priorities for the upcoming budgetary period.