EU's Barnier: Will continue working to ensure UK leaves EU with an agreement
The European Union's Chief Brexit Negotiator Michel Barnier has recently tweeted out his briefing to the EU27 ambassadors on the ongoing Brexit talks with the UK.
The arbitration panel can already, under Article 178 WA, give UK the right to a proportionate suspension of its obligations under the backstop, as a last resort, if EU breaches its best endeavours/good faith obligations to negotiate alternative solutions.
EU ready to give legal force to all commitments from January letter of @eucopresident and @JunckerEU through joint interpretative statement. This will render best endeavour/good faith obligations even more actionable by an arbitration panel.
EU commits to give UK the option to exit the Single Customs Territory unilaterally, while the other elements of the backstop must be maintained to avoid a hard border. UK will not be forced into customs union against its will.
The EU will continue working intensively over the coming days to ensure that the UK leaves the EU with an agreement.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
