Updated 22:07

Kenny, Barroso and Schulz announcing a new EU budget in Brussels this morning. (Image: Merrion Street)

EARLIER TODAY, THE Taoiseach Enda Kenny, president of the European Commission José Manuel Barroso and European Parliament President Martin Schulz have reached an agreement on a new EU budget for the next seven years.

Speaking in Brussels, Enda Kenny welcomed an agreement after emergency talks on the multi-annual financial framework, and said it was an important day for “youth, the unemployed and the impoverished” across Europe.

José Manuel Barroso added it was a “good deal for Europe and the European economy”.

The lads hugging it out after announcing the new EU budget in Brussels this morning. (Image: Merrion Street)

Martin Schulz admitted the deal on the 2014-2020 budget had not been an “easy compromise”.

However, Kenny said that “the Irish presidency is happy to be part of this agreement that needs to go forward now for ratification” to be formally approved by parliament’s 754 lawmakers. Barroso said he “expects that every council member will support the MFF”.

“What we have to do now is see that these monies are channelled into effective programmes so people across the EU can find jobs,” added Kenny.

EU summit

Barroso had called high-level breakfast talks in hopes of unlocking the European Union’s next seven-year budget just hours before the bloc’s 27 heads of state and government gather for a two-day summit.

“Today we have agreed on this budget that will make investment in Europe possible,” Barroso said. “This is the growth fund for Europe.”

The top item on the summit agenda is to agree quick spending on jobs and training for the 5.6 million under 25-year-olds currently unemployed across the EU, victims of the years of tough austerity policies enforced to beat Europe’s debt crisis.

- Additional reporting AFP

Last updated 10:36 this morning

Related: EU budget: Following talks, leaders agree to hold more talks>

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