'Differences too big,' says Merkel as EU budget summit fails

German Chancellor Angela Merkel speaks at a news conference after the second day of the European Union leaders summit, held to discuss the EU's long-term budget for 2021-2027, in Brussels, Belgium, February 21, 2020. REUTERS/Christian Hartmann

BRUSSELS (Reuters) - German Chancellor Angela Merkel said on Friday the two-day summit of EU leaders failed to agree on the bloc’s next budget from 2021.

“The differences were simply too big,” she told journalists. “Even rough data of the new proposal was enough to show that this would not be enough to bridge the differences.”

The chairman of the summit, Charles Michel said: “Unfortunately, today we have observed that it was not possible to reach an agreement, we have observed that we need more time.”

Reporting by Michel Rose, Francesco Guarascio, Kate Abnett, Writing by Gabriela Baczynska