EU Council President proposes 5 billion euros Brexit emergency fund

epa08178455 (FILE) - A Union Flag and a European Union (EU) flag are flown by pro-EU supporters outside the Houses of Parliament in Westminster, London, Britain, 26 January 2018. (reissued 30 January 2020) After a process that lasted over 3 years, Britain's withdrawal from the EU is set for midnight CET on 31 January 2020. EPA-EFE/NEIL HALL ATTENTION: This Image is part of a PHOTO SET

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European Council President Charles Michel said  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.

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 (4.4 billion pounds) was also needed to “counter the unforeseen consequences” of Britain’s departure.

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.

via Reuters

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