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- This is where Brexit talks stand as the second round begins
This is where Brexit talks stand as the second round begins
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Loading...U.K. and European negotiators are holding their second round of talks Monday on how the country will leave the Union.
UK seems to finally recognize there's a bill to pay, there's no specific position yet
This is perhaps the biggest achievement as the second round begins. The EU has always argued that the U.K. has to pay for previous financial commitments before it departs from the bloc
"The sooner we receive clarification on the British positions on the topics, that we haven't heard from them on, the better," Michel Barnier, the EU's chief negotiator, said on Wednesday, warning that there's a clock ticking.
The U.K. government has laid out its plans the European Atomic Energy Community (Euratom) and the role of the European Court of Justice (ECJ). Basically, the U.K wants to stop being a member of the Euratom, despite warnings by radiologists that the supply of radioactive isotopes used in health treatments could be compromised as a result. Instead, it wants to reach an agreement with Euratom members.
As Prime Minister Theresa May has stated several times, the U.K. doesn't want the European Court of Justice ruling on U.K. cases on the day Britain leaves the EU. At the same time, the government said, European bodies based in the U.K., such as the European Medicines Agency can remain for a transitional period after 2019 with the same privileges and immunities.
The U.K. government has published a draft bill that will end 40-years of European Union ties.
The document will only be debated in parliament after the summer but it's certain to raise political controversy within the U.K.
In the meantime, companies are trying to overcome the ongoing uncertainty regarding their future rights to operate within European borders.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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