On Tuesday 20 January, the European finance ministers approved the amendment to the regulation on the amounts allocated to the Member States under the ‘Brexit’ reserve.
“This regulation aims to reflect the reallocation of unused funds to increase the Union’s resilience and leadership in the most urgent priorities and needs, as agreed within the mid-term review of the Multiannual Financial Framework”, explained Mákis Keravnós, the Cypriot Minister, during the public debate at the Ecofin Council.
This reallocation was decided because “unprecedented geopolitical events have occurred”, in particular the energy crisis, inflation and the rise in interest rates triggered by Russia’s war of aggression against Ukraine, the amendment states. “Those geopolitical and economic developments have brought new emergencies which should be addressed in order to deliver on the Union’s shared priorities and needs”. €584 million has therefore been deducted from the overall reserve envelope for 2025.
The entire Council voted in favour of this amendment, with the exception of Bulgaria, which abstained.
Read the amendment: https://aeur.eu/f/kbq (Original version in French by Anne Damiani)