Proposed EU 2021-2027 budget at 1.074% of EU GNI, or 1.095 trillion euros

Chairman of EU leaders proposed the next EU 2021-2027 budget at 1.074% of the EU's gross national income (GNI), or 1.095 trillion euros, Reuters reported on Friday, citing senior EU officials with direct knowledge of the matter.

Key takeaways

"Chairman of EU leaders proposes that money from carbon trading and a plastics tax be EU revenues to help finance the 2021-2027 budget."

"The EU budget's cohesion policy should see money re-directed from richest to poorest countries ."

"Money from the EU budget should be made conditional on respect for the rule of law."

"The proposals are the middle ground, the best chance of finding a deal on the 2021-2027 budget at the February 20 summit."