EXPECT A VETO BY EP ON EU BUDGET 2014-2020

While the European Union leaders may have reached an agreement on a 2014-2020 budget fixing the bloc's spending at € 960 billion, the deal must now be approved by the European Parliament.

Securing parliamentary approval is likely to take several months and is far from guaranteed. Leading European Parliament political groups are unanimous on refusing this budget because in their views it will not reinforce European competitivenes and may even lessen it. They also contend that the proposed budget will lead to a structural deficit.

It's now that intense lobbying and negotiations with the European Parliament are going to start and it's not going to be smooth to be sure.