Chairman of the European Parliament (EP) Martin Schulz. Photo:AFP

Chairman of the European Parliament (EP) Martin Schulz called on the European Union (EU) to pass a budget to support growth and to reduce inequalities resulting from the economic crisis with Spain facing a crisis-level unemployment rate of 26%, Schulz warned that inequality in European society will become a disaster if the EU does adopt a policy that focuses on dynamic budget raises. According to Schulz, the financial gap between stronger and weaker countries in the EU, along with the economic downturn and extremely high unemployment rate in Europe, creates high risk in the region. Schulz said the EU needs an “ambitious budget” that includes fewer financial regulations and smarter investment in order to promote economic development. He criticized EU Chairman Herman Van Rompuy’s proposal to reduce the EU budget for education and youth programs. EU leaders will discuss its budget for the 2014-2020 period at the EU summit scheduled to take place February 7 and 8 in Belgium.