EU chief proposes five billion euro Brexit emergency fund

Brussels (AFP) – EU Council president Charles Michel on Friday proposed location up a 5 billion euro reserve fund for any unexpected repercussions of Brexit on bloc member states.

“Brexit is hard for all of us and that is why we propose a Brexit reserve of 5 billion euros ($5.7 billion),” reported Michel as he unveiled his most up-to-date proposal for a extensive-term EU finances that will be debated by bloc leaders following 7 days.

Brexit with or without having a agreement on upcoming ties “will have implications in Europe for the member states and that is why I believe it’s… vital to check with the commission to put together for a demands evaluation by November 2021,” he explained.

The EU and Britain are currently in negotiations to agree on a foundation of trade relations following a article-Brexit transition stage finishes on December 31.

“We all know that the ongoing negotiations are not easy,” stated Michel, who chairs EU leaders summit meetings.

“And we know that probably by the end of the summer time or in September, October, we will have a clearer eyesight about the place we are in these negotiations procedure.”

Eire is expected to be the most afflicted by the end of Britain’s membership of the EU, with Belgium and northern France also noticed as vulnerable to potential financial shocks.

The EU said on Thursday stated it is setting up crisis measures across dozens of sectors after the Brexit changeover interval and warned of “inescapable disruptions” even if a offer is agreed with London.

“There will be significantly-reaching and automated improvements and outcomes for citizens, people, enterprises, community administrations, traders, college students and scientists,” the commission warned, urging EU governments to prepare.