UK PM Delivers Renegotiated Terms for UK Membership in EU

A draft proposal for renegotiated terms of the UK’s membership in the European Union was released Tuesday, with British Prime Minister David Cameron telling reporters that the document delivers “substantial change.”

“At the beginning of this process, we set out the four areas where we wanted to see substantial change, and this document delivers that,” he told reporters.

“But of course there’s still detail to be worked on, there’s important things to be secured, there’s further work to be done.”

Cameron has been holding urgent talks in recent days with European Council President Donald Tusk, who leads a body made up of the heads of the European Union’s member states, to thrash out plans to reform the terms of the UK’s EU membership.

The reforms are being sought by the UK in hopes of avoiding a potential “Brexit,” or British exit, from the 28-member union. A British referendum on whether to leave the EU will be held some time in the next two years.

Tusk released the proposal along with a letter Tuesday, in which he said the plan “goes really far in addressing all the concerns raised by Prime Minister Cameron.”

“The line I did not cross, however, were the principles on which the European project is founded,” he wrote.

He believed the proposal was “a good basis for a compromise,” he wrote.

Both sides have been seeking to reach an agreement so a proposal can be presented at a key summit next month before European leaders, who will need to grant their approval.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza