AN AGREEMENT HAS been reached on the EU budget after a 24-hour meeting.

The Tánaiste Eamon Gilmore said the agreement was reached tonight in Brussels with the European Parliament’s chief negotiator on the EU’s budget for the next seven years.

There have been ten rounds of intensive negotiations, with the last round lasting over 24 hours.

Gilmore said:

We have concluded negotiations on the EU’s multi annual budget for the next seven years. I have reached an agreement with the European Parliament’s chief negotiator. We have agreed a package that we are both going to recommend to our respective institutions. I will present this agreement to member states next Tuesday.

This is a package that addresses all four of the issues identified by the European Parliament as important for the EU budget. It includes:

• Flexibility to allow more efficient use of EU money
• A review of the seven year budget before the end of 2016
• A method for carrying forward discussion on EU own resources
• Unity of the budget, to allow European taxpayers to see in a more transparent way where their money is going.

The Tánaiste said that this deal is about “putting in place a robust €960 billion budget for investment that will enable the European economy to grow, create jobs and address the particularly urgent need to provide employment for young people”.

He describe today as “a very good day for Europe”.

The European Council in February agreed the €960 billion budget to be focused on competitiveness, jobs and growth measures. The Irish Presidency has been negotiating on behalf of EU member states on this budget, with the aim of getting the European Parliament’s agreement on it.

Read: Ireland to contribute over €90 million extra to EU budget for 2013>