Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Brexit Adjustment Reserve: Commission approves €2 billion of...

Brexit Adjustment Reserve: Commission approves €2 billion of pre-financing for 12 Member States, including Romania

April 13, 2022

The Commission has approved the disbursement of more than €2 billion under the Brexit Adjustment Reserve to a group of 12 Member States. This decision will make available a total of €819.2 million by the end of March 2022 and the rest by April 2023. Of the total amount, Romania has 13,396,968 euros for 2021, 10,248,682 euros for this year and 10,453,653 euros for 2023.   This funding will help the economies of the Member States in mitigating the adverse impact of Brexit on their economies and regions, through support to regions and economic sectors, small and medium sized companies as well as job creation and protection, such as short-time work schemes, re-skilling, and training.   Commissioner for Cohesion and Reforms, Elisa Ferreira, said: “Brexit has had a negative impact on many people's lives within the EU. The Brexit Adjustment Reserve was set up and adopted in record time to help Member States mitigate the adverse economic, social and territorial consequences of Brexit. Now it is up to Member States to make the best use of the available funding to support regions, local communities, citizens and small and medium businesses to diversify their activities, keep jobs and reskill the workforce where necessary.” The Member States may use the funding until 31 December 2023 to cover expenses incurred and paid since 1 January 2020.   Next steps The Commission stands ready to quickly process the Brexit Adjustment Reserve decisions for the remaining Member States, to ensure they can receive support from the Reserve and it calls on the remaining Member States to notify the Commission without delay pursuant to Article 14(1)d of the Brexit Adjustment Reserve Regulation.   Background Brexit has a negative impact on all Member States, but in different ways, as some Member States, regions, sectors, or local communities are more affected than others. The Brexit Adjustment Reserve of €5.4 billion has been put in place to support all Member States with a strong focus on those most affected.    The financial contribution from the reserve to a Member State will be implemented under shared management. It does not need advanced programming or planning of measures and provides flexibility in the implementation in line with the subsidiarity principle. The Regulation establishing the reserve entered into force on 6 October 2021. Ireland and Italy were the first Member States for which funding from the Brexit Adjustment Reserve was disbursed, in December 2021. By the end of March 2022, 14 Member States will have received their first instalments of their pre-financing.

Read in full - click here
Famous Helmet of Coțofenești, other pieces from exhibition on Romania’s Dacian treasures stolen from Dutch museum

Several archaeological pieces from the Dacia - Empire of Gold and Silver exhibition showcasing Dacian treasures from Romania have been stolen after an explosion at the Drents Museum in the Netherlands on the night of January 24 to 25. Among them, the famous golden Helmet of Coțofenești, c.a. 450 BC, which belonged to the National […]

Custom Furniture in Offices - Perfect Solutions for Modern Companies

In European offices, there is a steadily growing interest in spaces that are not only beneficial to productive work but also reflect a modern approach to ergonomics and aesthetics. Romania is also part of this trend, with more and more companies investing in modern offices that combine functionality with exceptional design. In this article, we'll […]

Learning from History: The Union of the Romanian Principalities

By Ambassador Extraordinary and Plenipotentiary Permanent Representative to the Council of Europe, Dr. Ion I. Jinga   Strasbourg, January 2025   Motto: “Precedents in history can furnish no other light than that of beacons, which give warning on the course to be shunned, without pointing out that which ought to be pursued.” Alexander Hamilton, Founding […]

OECD technical mission assesses Romania's progress with corporate governance

 A technical evaluation mission of the Secretariat of the Corporate Governance Committee of the Organisation for Economic Co-operation and Development (OECD) took place on January 20-23 at the General Secretariat of the Government (SGG).According to SGG, the major objective of the mission was to analyse and evaluate the implementation by Romania, as a candidate state, […]

CFA Romania estimates budget deficit of 7.3pct of GDP and public debt of 57pct this year

The state budget deficit forecast for 2025 has increased to the average value of expectations of 7.3% of GDP and economic growth expectations are at the average value of 1.3%, according to the estimates of analysts from the CFA Romania Association.Public debt calculated as a percentage of GDP is expected to increase to 57% in […]

New orders in the processing industry up 2.7pct January through November, 2024

 New orders in the manufacturing industry increased by 2.7%, in nominal terms, overall (domestic and foreign markets), between January 1 and November 30, 2024, compared to the same period in 2023, according to data published on Thursday by the National Institute of Statistics (INS).In the same period, the evolution of new orders in the manufacturing […]