European Commission proposes EU budget of €1.1Trillion for seven years

European Commission proposes EU budget of €1.1Trillion for seven years

According to a Commission document, The European Commission will propose a 2021-2027 EU budget of €1.1 trillion. It will also put forward a plan for an additional €750 billion Recovery Instrument to combat the impact of the coronavirus crisis.

The figure of €1.1 trillion, in 2018 prices, would raise spending compared to the current seven-year EU budget when calculated for 27 countries, which is estimated at €1.082 trillion.

The proposal is below the level originally suggested by the Commission in May 2018 for the 2021-2027 period, but higher than a compromise plan put forward in February by European Council President Charles Michel.

In 2018, the Commission proposed a budget of €1.135 trillion, or 1.11 percent of the bloc’s gross national income (GNI). Michel proposed €1.095 trillion, which at the time was estimated to equal 1.074 percent of GNI.

Pic Credit: https://commons.wikimedia.org/wiki/File:European_Commission.svg

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