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(03 December 2019) - Finland’s EU presidency has proposed a budget equal to 1.06% of the bloc’s gross national income (GNI) for 2021-2027, below the ambition of the European Commission and Parliament.

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The Parliament had proposed 1.30% of EU GNI for the 2021-27 financial period, while the Commission’s original proposal included a ceiling equivalent to around 1.11%, which translates into €1,105 billion (or 1.08% of GNI) in payments (expressed in 2018 prices).

Back in June, the Finns proposed a range of overall spending between 1.03% and 1.08%, but the proposal was strongly criticised by a large group of countries, in particular those defending funding for farmers and less developed regions.

Spending under the Cohesion and values heading would not exceed €374 billion, of which €323 billion will be allocated to “economic, social and territorial cohesion”. The bulk of the money will go to less developed regions (€194 billion), while €43.2 billion will still go to transition regions and €34.2 billion to more developed regions. (EurActiv)

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