2/21, 7:59 PM (Source: TeleTrader)
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EU leaders fail to agree on €1.1T post-Brexit budget

The European Union (EU) members' leaders weren't able to reach an agreement on the bloc's 2021-2027 budget of more than €1 trillion. Charles Michel, the summit host and European Council's president, proposed €1.094 trillion budget that represents, a decrease compared to an initial proposal of €1.25 trillion, but 27 EU countries didn't accept it.

The so-called “Frugal Four” that includes Austria, Denmark, the Netherlands and Sweden was against the proposition, asserting that the budget should amount to 1% of the EU gross domestic product. Meanwhile, Michael offered a budget of 1.07% GDP, the European Parliament pushed for the even larger option of 1.3% GDP, while the European Commission preferred budget that was equal to 1.1% of the bloc's GDP.

The EU countries' leaders are expected to meet again in March.

Breaking the News / GA