EU Lays Out Brexit Transition Rules

The European Union wants a transition period after Brexit to end no later than the last day of 2020, according to the European Commission’s negotiating directives agreed on Wednesday.That date, coinciding with the end of the EU’s seven-year budget period and 21 months after Britain departs the EU, had long been expected as the target end point of the transition.But this was the first official confirmation that it is the goal of the Union’s negotiators.British Prime Minister Theresa May had sought a transition lasting around two years. EU chief negotiator Michel Barnier, speaking at a news conference after the EU executive had agreed the terms, said the 2020 deadline was logical and would avoid complications in the next 2021-2027 EU budget period.

Source: Full Brexit in January 2021 as EU sets transition deadline – Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.