BRUSSELS (REUTERS) - European Union leaders reached agreement on the bloc's long-term spending plans until the end of the decade on Friday after more than 24 hours of negotiation, the president of the European Council said.

"Deal done," Herman Van Rompuy, who chaired the meeting of the 27 EU leaders, said in a message sent on Twitter.

The agreement fixes EU spending over the seven-year period from 2014-2020. It will now go to the European Parliament for final approval, a process that could take several months.