Following publication of the report on the High Level Group on Own Resources, chaired by Mario Monti and which proposed a number of changes to the revenue side of the European Union's budget, this paper evaluates the necessary ingredients to achieve a package deal that can reform both the financing and expenditure sides of the budget. Such a deal will be at the very least less costly in economic and political terms than the status quo for all Member States. It will also reduce the referral to net balance considerations as budget expenditure prioritises European Union policy objectives and becomes more responsive to changing collective needs such as energy or environmental security, while securing minimum levels of solidarity to those regions most in need. Simultaneously, new forms of revenue will be fiscally neutral, while delivering policy objectives in relation to combatting challenges like climate change or transnational tax avoidance.
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