Brexit Adjustment Reserve: Commission approves €920.4 million pre-financing for Ireland
The European Commission has adopted the decision to allocate funding from the Brexit Adjustment Reserve to Ireland, for a total of €920.4 million. Ireland is the biggest beneficiary of the Brexit Adjustment Reserve and the first Member State to receive its pre-financing. Commissioner for Cohesion and Reforms, Elisa Ferreira, said: “Brexit has had a negative impact on many people’s lives. Within the EU, it is the people in Ireland who feel it the most. The EU’s Brexit Adjustment Reserve stands for solidarity with those most affected. In moving forward, we don’t want to leave anyone behind. The funding that Ireland will receive will contribute to improve living standards, support economic growth in the country and mitigate the negative impacts in local communities.” This funding will help Ireland’s economy in mitigating the impact of Brexit, through support to regions and economic sectors, including on job creation and protection, such as short-time work schemes, re-skilling, and training. The Brexit Adjustment Reserve of €5.4 billion has been put in place to support all Member States while ensuring a strong concentration on those most affected. More details in the press release.
Meetings of the Eurogroup and ministers of the economy and finance, 6-7 December
Executive Vice-President Dombrovskis and Commissioner Gentiloni will represent the European Commission at the Eurogroup meeting taking place today in Brussels. Ministers will have the opportunity to have a first exchange of views on the recommendations on economic policy for the euro area and the opinions on the draft budgetary plans of the 19 euro area Member States, following the autumn package of the European Semester presented by the Commission on November 24, as part of the European Semester. The Commission will also present the twelfth enhanced surveillance report for Greece, as well as the conclusions of the post-program surveillance reports for Cyprus., Portugal , Ireland and Spain . Commissioner Gentiloni will participate in the press conference following the meeting, at around 19:00. Tomorrow Executive Vice-President Dombrovskis , Commissioner Gentiloni , and Commissioner McGuinness will represent the Commission at the meeting of economy and finance ministers in Brussels. Ministers will also consider the package of measures presented in the autumn package of the European Semester, including the 2022 Sustainable Growth Review , the Alert Mechanism report and therecommendations concerning the economic policy of the euro area. The Commission will also present the legislative package on the Capital Markets Union, published on 25 November. Ministers will continue with an exchange of views on the update of the rules on reductions on value added tax, as well as on the progress made on the package of measures presented by the Commission aimed at combating money laundering and the financing of terrorism. In addition, ministers will take note of the progress made under the Slovenian Presidency to finalize the banking union. A press conference with Executive Vice-President Dombrovskis will follow the meeting, around 2:00 p.m.
Read the European Commission daily news in full here.