The European Union has proposed a budget of close to €2 trillion ($2.3 trillion) for its next seven year budget, as it seeks to fend off a range of challenges from rising global economic competition to increased defense demands.

The European Commission's proposed new budget lacks clear strategic foundations and would ruin the European Union, Hungarian Prime Minister Viktor Orban told state radio on Friday. "This budget would ruin the European Union.

The German government said it won't accept a proposal by the European Commission to boost the long-term EU budget to a total volume of €2 trillion ($2. 3 trillion) for the years 2028 to 2034.