British Prime Minister Boris Johnson, German Chancellor Angela Merkel, Belgium's Prime Minister Charles Michel and Spanish Prime Minister Pedro Sanchez attend a round table meeting at the European Union leaders summit, in Brussels, Belgium October 17, 2019. Olivier Matthys/Pool via REUTERS
BRUSSELS: European Union leaders will discuss a new budget plan on Friday that could allow the bloc to spend up to 1.1 trillion euros ($1.2 trillion) in the 2021-2027 period, but deep divisions among governments could block a deal for months.
Under a proposal prepared by Finland, which holds the EU's rotating presidency, the next long-term budget should have a financial capacity between 1.03% and 1.08% of the bloc's gross national income (GNI), a measure of output.
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