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BRUSSELS (Reuters) - The European Union's next long-term budget has to be larger than the current 1 percent of EU GDP (gross domestic product), despite the loss of major net contributor Britain, the head of the European Commission said on Monday.
Speaking at a conference on the next seven-year budget of the EU, which starts in 2021, Jean-Claude Juncker said it would have to finance joint EU policies in the areas of defence, security, migration, climate change, cohesion and agriculture.
"All that cannot be funded from just 1 pct of Europe's wealth," Juncker said.
($1 = 0.8360 euros)
(Reporting By Jan Strupczewski; editing by Philip Blenkinsop)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)