EU's 2008 budget to target economy not farm aid

As the EU moves closer to a key debate on reviewing its budgetary policy, the European Commission has tabled a budget proposal for 2008 that for the first time pays more money towards initiatives that will boost the bloc's economy rather than subsidise its farmers.

"The commission is steady in its ambition of refocusing the budget on the global challenges facing Europe as a whole," EU budget commissioner Dalia Grybauskaite said on Wednesday (2 May) after she and her fellow commissioners...