As Theresa May has stated that she wants the formal Brexit process to start in the March 2017, Angela Merkel says no to the special UK EU access.Will the domino-effect take place across the EU?
7 October, AtoZForex – Angela Merkel, the Chancellor of Germany, has made it clear that there would be no exceptions made for states that do not value the free movement of people principle of the European Union, according to Deutschlandfunk.
Merkel says no to the special UK EU access
Currently, the UK residents and industry experts fear that the UK financial sector could experience a “cliff-edge” moment. Particularly, if the UK will leave the EU without settling on an inclusive trade agreement, the Britain will not have an access to the EU single market. This uncertainty is first and foremost an issue for banks, as experts have estimated that it can take up at least two years for them to relocate their operations across the border.
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Mrs. Merkel believes that discharging the UK from the EU rules would cause a domino effect, and Brexit talks would appear quite difficult, as well. Theresa May, the Prime Minister of the UK stated that she sees the start of the formal UK exit process in March 2017. Moreover, Ms. May has stated:
“There will be some bumps in the road as we go through this process.”
EU value cannot be separated
Mrs. Merkel, speaking at a two-day industrial conference in Berlin, stated that firms in Germany should act together in order to defend the fundamental EU values after Brexit, although it would possibly harm the business with Britain. She noted that in case the Britain would be allowed to the single EU market after formal Brexit process, ‘a systemic challenge for the entire European Union’ would take place. Furthermore, as Angela Merkel expressed her views regarding the Brexit on the two-day conference, she added:
“If we don’t say that full access to the internal market is linked to full acceptance of the four fundamental freedoms, a process will spread in Europe in which everyone does what they want.”
One of the EU members, Malta is expected to hold the EU’s rotating presidency at the time when Ms. May is planning to trigger the process of Brexit. The Prime Minister of Malta, Joseph Muscat, believes that four of the EU freedoms – free movement of goods, services, people and capital – cannot be divided. He added:
“That cannot be negotiated … These principles are the basis for everything the EU does.”
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