A summit of European Union leaders has failed to come up with an agreement on the bloc’s seven-year-long budget, worth about one trillion euros, media reports say.

German Chancellor Angela Merkel said that the differences between the EU leaders are too big to be able to agree on the budget now.

“The differences were simply too big…Even rough data of the new proposal was enough to show that this would not be enough to bridge the differences,” Merkel said, as quoted by Reuters.

French President Emmanuel Macron said he had deep regrets over the fact that it was not possible to reach an agreement on the budget.

Read more: sputnik