EU Commission chief denies notion of European Super state

Theresa May speaks at the Security Conference in Munich

The Commission presented several options that European Union leaders are to discuss on February 23, before the EU executive presents a final proposal on May 2.

It strongly pressed EU leaders to agree their next seven-year budget rapidly, ahead of the European Parliament elections next year to give predictability to recipients of funding from farmers to researchers.

"The Commission is also setting out options to modernize the EU budget, including by possibly strengthening the link - often referred to as "conditionality" - between EU funding and the respect for the EU's fundamental values", reads a statement of the European Commission. So, let's first discuss about the Europe we want.

European Union member states will have to spend more money or lower the bloc's ambitions in order to make up for a budget shortfall left from Britain's departure from the European Union, the bloc's senior budget official warned on Wednesday.

The euro zone budget line would finance structural reforms at national level and help countries still outside the euro zone to bring their economies closer to the single currency area.

The announcement came amid an ongoing clash between Warsaw and Brussels over the rule of law in Poland.

It said for example that comprehensive measures to protect the EU's external borders would cost the bloc about 150 billion Euros over seven years, while maintaining the present system, which includes a crisis intervention force, would cost just 8 billion Euros.

"The stabilisation function is to be built progressively over time, relying on back-to-back loans guaranteed by the EU budget, loans from the European Monetary Fund, a voluntary insurance mechanism based on national contributions as well as a grant component from the European budget", the Commission said.

Also, spending on the common agriculture policy could be cut by nearly a third, or 120 billion euros, the Commission said.

The commission is recommending a review of funding sources for the European Union including the possibility of using monies raised using a common consolidated tax base (CCCTB), a proposal that will be vigorously resisted by Dublin which is leading a campaign against such harmonisation of corporate profit calculation.

The commissioner added that he can not perform sorcery.

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