BRUSSELS, October 16. /TASS/. European Union leaders have failed to come to terms on the union’s 2028-2034 Multiannual Financial Framework (MFF) worth 1.76 trillion euro ($1.97 trillion) amid sharp disagreements between net contributors and beneficiaries, a European source told reporters on the sidelines of the event.

"The leaders wrapped up talks on the seven-year budget plan, MFF. The European Commission’s 1.76-trillion-euro proposal has been rejected, the proposal to reduce the budget by 140 billion euro failed to garner enough support," the diplomat said.

"The leaders will continue their discussion during an extraordinary meeting on November 26 to find a solution," he added.

Earlier, European Parliament President Roberta Metsola reported "unprecedented divisions" between net contributors and beneficiaries of the EU budget.