Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

October Is ‘Moment of Truth’ for Brexit, EU’s Barnier Tells U.K.

Published 19/09/2018, 06:04 am
© Reuters.  October Is ‘Moment of Truth’ for Brexit, EU’s Barnier Tells U.K.

(Bloomberg) -- The European Union’s chief Brexit negotiator warned U.K. Prime Minister Theresa May that substantial progress on the U.K.’s orderly withdrawal from the bloc is needed next month if there’s to be a deal.

“October will be the moment of truth,” Michel Barnier told reporters in Brussels. “It’s then we will see whether the agreement we’re hoping for will be within our grasp.”

Barnier was speaking on the eve of an EU summit in Salzburg, Austria, where leaders are expected to discuss holding a further meeting in November to sign off on a Brexit deal. Both sides admit they won’t hit their original deadline -- their gathering in mid-October -- but say time remains tight to allow approval by both the British and European parliaments.

EU officials say the U.K. will have to return to the negotiating table between the Conservative Party conference in Birmingham that winds up Oct. 3 and the summit in Brussels less than three weeks later. They say the U.K. needs to compromise on the major obstacle to a deal -- how to keep an invisible Irish border after Brexit and there has barely been any progress on that since the start of the year.

“Our proposal for the backstop for Ireland and Northern Ireland has been on the table since February,” Barnier said. “We are ready to improve this proposal.”

Two Stages

As well as the Irish question, the two sides need to converge on an outline for future economic, trade and security cooperation. That will be the main topic of debate when the EU’s 27 other leaders meet without May over lunch in Strasbourg on Thursday.

May wants to stay close to the EU for trade in goods but to go it alone on services. The EU says that won’t work because its single market is indivisible.

Brexit is being done in two stages: First the divorce deal, which will enable a 21-month transition phase when the U.K. leaves the EU in March 2019; then a full negotiation over future ties.

While the November deadline is now an open secret in Brussels, the EU wants to keep the pressure on the U.K. throughout October.

EU President Donald Tusk, who chairs summits, said in a statement Tuesday that leaders at Salzburg will discuss how to organize "the final phase of the Brexit talks, including the possibility of calling another European Council in November.”

Irish Foreign Minister Simon Coveney said he wanted to see the U.K. step up their engagement in negotiations over the border to achieve an agreement in October.

“Some people seem to be suggesting that we can just move past the leaders’ meeting in October and into November,” Coveney told reporters in Brussels after meeting Barnier. “That is not the view of Ireland. We want to see substantial progress.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.