European Union leaders met for a second day of the EU summit on Friday (June 19), where they are expected to discuss the future of the bloc’s finances.

They are expected to clash over the budget as a first proposal on what the EU should pay for in 2028-2034 - and where it should get the money from - drew sharp criticism from both the budget's net contributors and its beneficiaries.

The EU budget is how the EU finances all its policies - from supporting farmers to equalising standards of living across the 27-nation bloc, to new technology development and student exchange programs. According to the European Commission's proposal, the 2028-2034 budget should be 2 trillion euros ($2.3 trillion).

Richer EU countries pay more into the budget than they get out of it, while poorer ones receive more than they pay. Every seven years, the two groups fight bitterly to reach a unanimous deal needed for the budget to pass.

While leaders are unlikely to make decisions on Friday on which new revenue streams they want to give to the EU, they will indicate their preferences to allow the incoming Irish EU presidency to prepare a new compromise proposal for October.

DESCRIPCIÓN DE IMÁGENES

BRUSSELS, BELGIUM (JUNE 19, 2026) (REUTERS - Access all)

1. EUROPEAN COUNCIL PRESIDENT ANTONIO COSTA ARRIVING, GREETING BELGIAN PRIME MINISTER BART DE WEVER

2. COSTA TALKING TO LEADERS

3. GERMAN CHANCELLOR FRIEDRICH MERZ ARRIVING WITH EU FOREIGN POLICY CHIEF KAJA KALLAS

4. FRENCH PRESIDENT EMMANUEL MACRON, ARRIVING AND TALKING WITH OTHER LEADERS

5. LEADERS GATHERED

6. MACRON TALKING

7. EUROPEAN COMMISSION PRESIDENT, URSULA VON DER LEYEN, GREETING LEADERS

6. MACRON TALKING

8. MERZ JOINING GROUP OF LEADERS

9. VON DER LEYEN TALKING TO DUTCH PRIME MINISTER ROB JETTEN

10. LEADERS IN MEETING ROOM, COSTA RINGING BELL

11. VON DER LEYEN AT DESK

12. MACRON WALKING AROUND ROOM, GREETING KALLAS AND COSTA