Merkel Expects UK to Go Ahead with Brexit

German Chancellor Angela Merkel has said she expects the U.K. to kick off its European Union (EU) exit negotiations as soon as a new prime minister is in place and that there would be no turning back from the decision to leave the bloc.

Speaking to national broadcaster ZDF at the weekend, Merkel warned that Britain would have to accept the good with the bad in its future relationship with the union and reiterated that there would be no “cherry picking” with the U.K. able to pick and choose which aspects of EU life it wanted to keep.

“The decision (of Britons to leave the EU) has been taken … and the next step is – and Britain will do this only when they have a new prime minister – to invoke Article 50,” she told public broadcaster ZDF on Sunday, Reuters reported.

“I expect that to happen. I deal with reality and I firmly expect that application will be made,” Merkel added when asked if she thought there was a chance that Brexit would not happen.

via CNBC

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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