MOSCOW (Pakistan Point News / Sputnik - 10th July, 2020) European Council President Charles Michel suggested on Friday that a 5 billion euro ($5.6 billion) fund be created as an adjustment reserve in case of Brexit's unforeseen consequences.
"Brexit is challenging for all of us and that is why we propose Brexit reserve of 5 billion [euros] to create in order to counter the unforeseen consequences in the most affected member states and sectors," Michel said at a press conference on his proposal for the EU's Multiannual Financial Framework (MFF) and the recovery package.
The United Kingdom is set to finally exit the bloc's trading and customs regulations on December 31. Uncertainty yet remains, given the limited progress made between London and Brussels in concluding a comprehensive trade deal, with both sides now appearing to be set on keeping the December deadline regardless of the eventual outcome of the talks.
