Prime Minister of Hungary Viktor Orban | Attila Kisbenedek AFP via Getty Image
Although they are "moderately reduced" as the European Commission statement put it "to reflect the new reality" the two areas which have historically formed the bulk of the EU's spending are not going anywhere in the upcoming decade.
In the meantime, the Commission is due to release a series of proposals that would outline in more detail how this "multi-annual financial framework" will affect different sectors.
And Mr Estermann pointed out that a significant chunk of the Horizon Europe budget - €10 billion over the period - had been earmarked during negotiations for "research and innovation in food, agriculture, rural development and the bioeconomy", probably as a way to soften the blow of cuts to agricultural subsidies.
"Leaving the single market comes with a price tag". This includes 20 percent of the revenues from the Emissions Trading System, a 3 percent call rate applied to the new Common Consolidated Corporate Tax Base and a contribution of 80 cents per kilo of non-recycled plastic packaging waste for each member state.
"More money is needed to boost European and global climate action".
Under the new proposals, covering the period between 2021 and 2027, a total of €320 billion will be spent on climate adaptation and mitigation, an increase of €114 billion.
The European Union's executive proposed a cut in regional aid in the bloc's next budget and stricter conditions to access the funds, a change opposed by east European countries that risk losing billions of euros.
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The Commission also proposed a new reserve to address crises linked notably by unforeseeable developments in worldwide markets.
Rasmussen tweeted that "a smaller European Union should mean a smaller budget!" as the bloc will number 27 members after Brexit.
Had Britain remained a member of the Union, it would also have been expected to contribute to any rise.
The new budget proposes a "moderate" reduction of 5 percent in funding each, to the Common Agricultural Policy and Cohesion Policy programs. The CAP governs the bloc's agricultural spending. "Indeed, this would require a full-scale doubling of the budget allocated to Horizon 2020", the group said. Bank of America Corp. recommended investors bet against any negative reaction in the region's assets, with the final shape of the budget likely to differ from today's proposal after talks among national governments.
The European Commission hopes EU member states will reach unanimous agreement on the new long-term budget ahead of European elections in May 2019. "They will have more flexibility than today to shift funds between direct payments and rural development, in line with national needs and targets", the Commission said in a budget fact sheet.
The German government said the European Commission's budget proposal provided a good basis for the beginning of negotiations on the future of the EU's finances.
"Meanwhile, Brexit is blowing a €12 billion hole in the overall European budget - and other priorities such as security, migration and defence have grown in prominence in recent years".
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