Proposal for aREGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCILestablishing the Brexit Adjustment Reserve

Abstract

The United Kingdom of Great Britain and Northern Ireland (‘United Kingdom’ or ‘UK’) left the European Union (‘EU’) and the European Atomic Energy Community (‘Euratom’) –hereafter referred together as the ‘Union’ –on 1 February 2020. The Withdrawal Agreement1concluded between the Union and the United Kingdom entered into force on that date, securing the United Kingdom’s orderly departure, and providing legal certainty in important areas, including citizens’ rights, the financial settlement and avoiding a hard border on the island of Ireland. According to the Withdrawal Agreement, a transition period was agreed, which is to last until 31 December 2020 and guaranteeing “business as usual” conditions for citizens, consumers, businesses, investors, students and researchers, for instance, in both the EU and the United Kingdom. The EU and the United Kingdom negotiated a new framework of relations, based on the Political Declaration agreed between the EU and the United Kingdom2.