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Charles Michel proposes 5 billion euros Brexit emergency fund

Christian Fernsby ▼ | July 10, 2020
European Council President Charles Michel said on Friday that EU talks with Britain on their new relationship were "not easy" and countries, regions and industries will face disruptions from 2021 whether there is a new pact or not.
Charles Michel
Fund   Charles Michel
Laying out his compromise proposal for a multi-billion-euro economic stimulus for the EU to recover from the coronavirus pandemic, Michel said a new Brexit "adjustment reserve" of 5 billion euros ($5.64 billion) was also needed to "counter the unforeseen consequences" of Britain's departure.

Topics: Michel Brexit

Michel said the EU's executive European Commission should review by February 2021 the first consequences of the new reality between Britain and the bloc, and the money could then be used to support those most affected in Europe.

"Hope for the best, prepare for the worst: a sound principle in politics," Belgian Prime Minister Sophie Wilmes said in reaction to the proposal that will be debated by the 27 national EU leaders in Brussels next week.