EU exec to propose 1.1 trillion budget for bloc in 2021-27: source

The European Union's executive will propose later on Wednesday that the bloc's joint budget for 2021-27 amounts to some 1.1 trillion euros, two sources told Reuters.

That would come together with a new Recovery Fund that would mobilise 500 billion euros in grants and 250 billion euros in loans for member states to help them spur economic growth battered by the coronavirus pandemic.