It seems it would take some more time to strike an agreement over European Union's budget as there are yet to be differences sorted out. "I think we are not yet at the stage where we need to be, namely (ready for) a collective decision", German Chancellor Angela Merkel said while she arrived for a second day of talks in Brussels.

"I've always said it's not dramatic if we take today as a first stage. If we need a second stage, we'll take the time we need for it", she added further. Though there have been many meetings with EU leaders, there is yet no signal of common solution to deal with EU's seven-year budget.

There have been of lately voices raised by the U. K., the Netherlands and Nordic countries that EU's seven-year budget must be reduced, but final decision is yet to be taken.

It has been claimed that any cut in EU budget is not possible without making severe spending cuts by member countries of EU. Meanwhile, British Prime Minister David Cameron has made it clear that there would be no reduction in cuts to EU farm subsidies and regional aid in order to please France and Poland.

While refusing to admit severe potential consequences of failing to reach at some common solution, Angela Merkel said that it's least likely that there would be any decision made at this summit.