German Finance Minister Lars Klingbeil has rejected the European Commission's proposed long-term EU budget, calling it disproportionate amid economic pressures. Speaking at a G20 finance ministers meeting in Durban, Klingbeil said the €2 trillion plan for 2028–34 — which includes around €700 billion in new spending — would not be appropriate given current strains on national budgets. "We absolutely must remain proportionate regarding the finances. I do not see this as being given," he said. Germany is especially opposed to the commission's proposal for new revenue streams, including a levy on large companies with over €100 million in turnover and a cut of national tobacco tax revenues. Klingbeil said the tax ideas send "the wrong signal" and confirmed Berlin cannot support the tobacco measure. The EU's executive wants to redirect the budget toward defense and competitiveness while introducing new income sources like an e-waste tax. Germany, the EU's largest economy, typically contributes nearly a quarter of the bloc's overall funds.