EU's Michel to propose next budget below 1.1 trln euros: sources

European Council President Charles Michel is due to propose the next joint budget for the bloc slightly below the 1.1 trillion euros previously envisaged by the European Commission, sources said as the EU pushes for a deal on COVID-19 economic stimulus.

Michel will make his proposal later on Friday ahead of talks next week between the 27 national EU leaders, who remain deeply at odds over details of the proposed scheme that would also include a 750-billion-euro recovery fund.