At the opening of the informal meeting of the European Council in Cyprus, Federal Chancellor Friedrich Merz (CDU) advocated for significant cuts to the EU budget. Merz explained that implementing “new priorities” is necessary to reduce overall expenditures across the European Union. Furthermore, he made clear that Germany rejects any move toward higher debt levels for the EU. He emphasized that, for Germany, purchasing European bonds on the capital market is non-negotiable. Merz noted that this stance is well-known and shared by many of his peers, concluding that Europe must be capable of functioning with its current resources.