EU lawmakers endorse ‘08 budget including Galileo funds
European Union lawmakers have endorsed the European Union’s 2008 budget worth EUR120.3 billion and including extra funding for the bloc’s Galileo satellite navigation network. Approval comes after European Parliament negotiators and EU member states reached an agreement in November to pump extra public money into the Galileo project, which risked collapse without it. The EU has agreed to inject an extra EUR2.4 billion into the program over the 2007-2013 period, with EUR1.6 billion coming from unused EU agriculture subsidies.
Lawmakers at the European Parliament also approved a sharp rise in spending on the E.U.’s Common Foreign and Security Policy, which will reach EUR285 million in 2008, EUR125 million more than this year.
The E.U.’s joint budget will be 4.15% bigger next year, in terms of payment appropriations, representing 0.96% of gross national income in the area.
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