Berlin, April 24 (QNA) - German Chancellor Friedrich Merz has rejected financing the European Union's long-term budget for the period 2028-2034 through increased joint debt or the issuance of new European bonds.

He affirmed that Germany is committed to setting new priorities within the European budget and adhering to available resources.

A statement from the German government said that Merz explained to leaders during the European summit held in Cyprus that the EU will need to set new priorities, foremost among them reducing spending in several areas within the European budget.

He stressed that the priority at this stage is to rearrange priorities rather than seeking additional financing through debt.

The EU's long-term financial framework is one of the main topics of discussion at the European summit, which concludes Friday in Cyprus.

Germany's position confirms its non-participation in any steps or summit outcomes that could lead to the EU incurring further debt. (QNA)