Ireland’s Interests will be EU Interests in Brexit Negotiation

The EU’s chief Brexit negotiator Michel Barnier has said that securing Ireland’s interests and avoiding a hard border between with the U.K. will be at the forefront of upcoming talks.

In an address to the Irish houses of parliament Thursday, Barnier said that the Republic of Ireland, an EU-member state which shares a land border with the U.K., was in a “unique position” but pledged that it would receive additional attention in negotiations.

“I want to reassure Irish people that Ireland’s interests will be the union’s interests,” said Barnier.

Ireland has voiced concerns that it will be most impacted by Brexit given the significant geographical, cultural and economic ties it shares with the EU.

“Brexit will come at a cost,” Barnier said. “Also to us, the remaining 27 – and some more than others.”

Currently, Ireland exports 40 percent of its goods and 20 percent of its services to the U.K. – twice the EU’s average.

Barnier said that avoiding a hard border would be one of three priorities for the first stage of negotiations, reiterating guidelines set out by the EU late last month.

Barnier’s address to members of the Oireachtas, which combines both Ireland’s House of Representatives and the Senate, was the first of its kind and is considered something of an honor.

The opportunity is typically reserved for heads of state and prime ministers. The invitation to speak underlines the country’s on-going diplomatic charm offensive to secure a good deal for Ireland

“It’s a reflection of the importance of the role he has,” Neale Richmond, the government spokesman of EU affairs in the Irish Senate said, according to the Financial Times. “That’s why we are putting him on the same pedestal as John F Kennedy, Nelson Mandela, and Francois Mitterrand.”

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