EU chief proposes five billion euro Brexit emergency fund

EU Council president Charles Michel on Friday proposed setting up a five billion euro reserve fund for any unforeseen consequences of Brexit on bloc member states. “Brexit is challenging for all of us and that is why we propose a Brexit reserve of five billion euros ($5.7 billion),” said Michel as he unveiled his latest proposal for a long-term EU budget that will be debated by bloc leaders next week. Brexit with or without a agreement on future ties “will have consequences in Europe for the member states and that’s why I think it’s… necessary to ask the commission to prepare for a needs assessment by November 2021,” he said.