EU's Barnier pushing for rapid Irish border resolution - Reuters

Joshua Gibson FXStreet

As reported by Reuters, The European Union's head Brexit negotiator, Michel Barnier, is confident that a solution for the Irish border can be achieved if progress is made by June, but stipulated that there is still a risk of the UK leaving the EU without a firm deal in place.

Key quotes

"Northern Ireland will be Britain’s only land frontier with the European Union after Brexit. Both sides say they are committed to keeping the border with the Irish Republic open, but finding a practical solution has proved elusive so far."

"The EU and Dublin insist the Brexit treaty must lock in a backstop arrangement in case a future trade pact does not remove the need for border controls."

"Under the EU proposal, if all other attempts to avoid a hard border fail, Northern Ireland would form a “common regulatory area” with Ireland and 26 other EU states, in effect keeping the British province in a customs union with the EU."

"Britain, which is still debating its own Brexit strategy, says an EU-UK free-trade deal to be sealed by 2021 can solve the border issue, and Prime Minister Theresa May has rejected the EU proposal as a threat to the constitutional integrity of the UK."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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