Financials Dec 26, 2020 02:30 AM (GMT+8)
The European Commission today proposed the establishment of the brexit adjustment reserve to help member states and departments cope with the economic losses and social impacts caused by brexit, support the affected enterprises and the areas with damaged employment. The total budget is 5 billion euros. The funds will also assist the administration in the proper implementation of border, customs, health and phytosanitary controls and ensure the provision of basic services to affected citizens and companies. Ferreira, the EU Commissioner for coordination and reform, said the reserve was designed to provide quick and simple help and hoped that the European Council and Parliament could translate the proposal into specific financial support. Of course, structural adaptation to the new relationship with the UK will require more long-term adjustments.
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