Finland proposes ceiling of 1.07% of GNI for EU long-term budget

The Finnish presidency of the European Union proposed that the bloc's budget for the 2021-2027 period should be capped at 1.08 trillion euros ($1.19 trillion), a document seen by Reuters said.

The proposal, which needs the backing of all EU governments, would set a ceiling on spending at 1.07% of the bloc's gross national income (GNI), a measure of output. This would be well above the 1% cap asked by Germany, the EU's largest economy, and other states who prefer to spend less.

($1 = 0.9073 euros)