EU fails to agree on new budget

Report from an informal Ecofin Council, Luxembourg, 13-15 May 2005. EU Member States failed to agree on how to finance the organisation over the next decade. In addition, EU Finance Ministers adopted a Memorandum of Understanding on co-operation between the Banking Supervisors, Central Banks and Finance Ministries of the European Union in Financial Crisis situations.

• Primary Source

Luxembourg: EU Presidency: Press Release, 14.5.05: Public development aid, management of financial crises and financial perspectives for 2007-2013 on the agenda of the second day of the informal 'Ecofin' meeting http://www.eu2005.lu/en/actualites/communiques/2005/05/14ecofin-jclj/index.html

---