Europe has to make due with the money it has, says Germany's Merz

German Chancellor Friedrich Merz said on Friday (April 24) that the European Union had to make due with the money it had.

The EU would have to set new priorities, Merz said before the second day of an informal meeting of EU leaders in Cyprus.

"That means we will also have to reduce spending in other areas of the European budget. From Germany’s point of view, increased debt is out of the question. Nor is there any question of European bonds on the capital market," said Merz.

Along with the EU budget, the leaders will also discuss the Iran crisis with regional partners.

-Anna Dittrich/Reuters