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February 21, 2020 - The EU’s 2021-27 budget, as proposed by the president of the European Council, Charles Michel, must plug a €75 billion hole in the €1 trillion-plus spending plan left by the departure of the UK.
The plan put forward by Michel envisions €1.095 trillion in spending commitments over the seven years -- amounting to 1.074 per cent of the bloc’s gross national income (GNI).
The European Parliament has called for even more extensive spending. David-Maria Sassoli, President of the parliament, has proposed a budget of €1,324bn or 1.3 per cent of GNI.
Sassoli even threatened a veto if the heads of state and government do not let the money flow. However, few take the veto threat seriously given that any delay by parliament would risk paralyzing EU programmes, causing layoffs of workers and disrupting services for citizens.
Programmes under the current budget run out this year, and unless there is agreement on the budget no new plans and no further commitments can be made.
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