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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 ($5.64 billion) 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.
"Proposal for a new Brexit adjustment reserve to counter
consequences in member states worst affected is a very good
signal to start the negotiations," said the leader of one of the
countries, along with Ireland, most likely to seek such aid.
Britain left the EU in January but is still covered by a
status-quo transition phase until the end of the year to allow
time to negotiate new ties from trade to security.
Negotiations have so far stalled over differences on fisheries
and fair competition guarantees, among others. British Prime
Minister Boris Johnson only wants a loser trade pact with the EU
from 2021, while the bloc seeks much closer links in many other
areas, including security.
Talks this week in London between EU and British negotiators,
briefly joined by Johnson at a No.10 dinner, brought no
breakthrough and more negotiations are due next week in
Brussels.
"There are significant differences that still remain on a number
of important issues," a spokesman for Johnson said on Friday.
"We have been clear that we cannot agree to a set of novel and
unbalanced proposals that bind us to EU law and impose control
over our domestic regimes, these include the so-called level
playing field and fisheries."
The spokesman also said, however, Britain was still keen to
identify a basis of the new agreement this month.
EU's chief negotiator Michel Barnier has also offered a bearish
assessment this week, saying "significant divergences" persisted
in the talks and added that the bloc would not seal a deal
without an agreement on fishing quotas and access to fishing
waters, as well as the so-called level playing field provisions
for competition regulation.
(Reporting by Gabriela Baczynska, additional reporting by
Elizabeth Piper; Editing by Alex Richardson and Jane Merriman)
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