Commission to propose EU budget of €1.1T for seven years

Figure would raise spending compared to current seven-year budget for EU27.

The European Commission will today propose a 2021-2027 EU budget of €1.1 trillion, according to a Commission document seen by POLITICO.

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.