Hamilton Crawford: EU to Debate Way Forward After Brexit
Hamilton Crawford: Allocation of funding and budget cuts will take center stage at an EU Summit that will take place later this month.
Shanghai, China, February 16, 2018 (Newswire.com) - Hamilton Crawford: This week, the European Union executive set out possibilities for potential budget cuts and new sources of income to fill the hole left by the UK’s departure from the European Union between 2021 and 2027.
Hamilton Crawford strategists say that European leaders will discuss various options at an EU summit that is due to take place later this month. Among the topics up for debate is the possibility of making EU money dependent on members adhering to certain EU values and legal standards.
Border security is a primary concern for member states and the European Commission stated that using a full border monitoring system of approximately 100,000 employees would come with a price tag of approximately 150 billion euros while a simpler upgrade of the existing coast and border guard system would carry a cost of around 20-25 billion euros.
In a show of solidarity after the Brexit referendum in June 2016 when Britain voted to exit from the EU, 25 European Union administrations agreed to a new defense treaty which was endorsed by Germany and France to develop and deploy defense forces together. In order to make a sizeable difference in the development of fresh technology, the European defense fund would require a budget of approximately 3.5 billion euros.
Dedicating a minimum of 25 billion euros to help reach the Commission’s goals of consolidating the euro area would help to deliver critical mass and avoid a concentration of funding on certain member states only.
The Commission suggested reducing funding to more established regions such as Spain, Italy, Ireland and Sweden and Hamilton Crawford strategists believe this issue could be the biggest budgetary debate facing the parties at the summit.
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Source: Hamilton Crawford