The 28% #EUBudget increase presented in the Irish Presidency’s negotiating box is misleading — and incorrect in real terms. €390bn is needed to compensate for inflation and preserve purchasing power, while €150bn will repay NGEU. In real terms, the proposed budget represents a 10% reduction compared with the current MFF. Meanwhile, national investment budgets having increased by 36%. Ireland’s total budget has increased by 80% since 2018 in nominal terms. And so have the national budgets of most EU member states. The artificial 28% increase of the EU budget in nominal terms represents a clear reduction in real terms and a smaller proportion of the EU budget in comparison to national budgets, even as Europe’s priorities and responsibilities grow. This is the wrong approach.