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EU leaders were discussinh on Friday a budget plan that will allow the block to spend up to EUR 1. 1 trillion from 2021-2027, however, deep disagreements between governments may block the deal for many months, Reuters reported.

According to the proposal put forward by Finland, the EU presidency this year, the next long-term budget should have financial capabilities from 1.03% to 1.08% of the gross national income (GNI) of the block.

This will allow the EU to spend from EUR 1 to 1.1 trillion for 7 years after the Brexit, which was one of the largest investors in the EU treasury.

The document at the disposal of Reuters is less ambitious than the proposals put forward by the European Commission, which seeks to achieve a budget of 1.1% of GNI. The EU Parliament called for raising the budget to 1.3% of GNI.

However, the proposal put forward by Finland exceeds the 1% limit put forward by Germany, which has the largest economy in the bloc.

The Finnish plan is unhappy with most EU leaders. Thus, rather long talks are expected before the parties come to a compromise.

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