The scheme involves a total spending cut of 34 billion euros compared to the last period.

 

　　The budget aims to strike a balance between southern Europe's much needed infrastructure spending and farm subsidies and northern Europe's belt-tightening demands.

 

　　Finnish Prime Minister Jyrki Katainen:

 

　　"We are very satisfied. We could reach a compromise on new priorities. We will spend more to innovations and research, for instance, and the European Network Facilities but also to youth unemployment."

 

　　Officials say that over 12 billion euros is to be cut from the last budget proposal made in November when leaders were unable to make an agreement.

 

　　This is the first ever cut from the EU's budget.

 

　　The European Parliament must now approved the deal which could prove difficult as president Martin Schulz says that he will not accept excessive cuts.