European Council President Charles Michel on Friday proposed a new Multiannual Financial Framework (MFF) for the period 2021-2027 worth €1094.8 billion, which is equivalent to 1.074 percent of the 27 member states' GNI.

It is a smaller amount compared to the one proposed by the European Commission, which amounts to €1135 billion, equivalent to 1.114 percent of GNI, and a somewhat larger amount compared to the last proposal outlined by the Finnish Presidency of the EU Council at the end of last year, which proposed an amount of €1087 billion, equivalent to 1.08 percent of GNI.

It is also a considerably smaller amount compared to the one called for by the European Parliament.

In their resolution from November 2018, MEPs asked for the next MFF to equal 1.3 percent of GNI, which would amount to €1324.1 billion.

Michel's proposal will be the basis for discussion at the special summit on 20 February, where officials will try to reach an agreement.