Following are some reactions to the European Commission's proposal on Wednesday for a 2 trillion euro ($2.31 trillion) EU budget for 2028-2034. The proposal places a new emphasis on economic competitiveness and defence while aiming to reform the rules around farm and economic development subsidies.

The EU Commission's EUR 2tn budget proposal has continued to face harsh criticism from Germany, ING’s FX analyst Francesco Pesole notes.

The EU executive proposed on Wednesday a long-term budget boosted to two trillion euros ($2.3 trillion) as Europe confronts complex challenges, from overseas competition to Russian aggression at its borders.