Daily Management Review

The EU may restrict Britain's access to a single market


02/07/2018


The European Union wants to be able to restrict access to the UK for a single market during the transitional period after Brexit, Reuters reports citing an official document.



The EU believes that this will be a punishment for London, if it violates the already agreed rules.

This option is contained in the footnote of the legal document on the two-year transitional period after Brexit, prepared by the European Commission. The document suggests restrictions on gaining access to a single market.

This will be a kind of remedy if the EC determines that it will take too long to resolve the dispute at the European Court.

Britain must leave the EU in March 2019, but the country will retain access to a single EU market during the transition period. All disputes between the EU and the UK during the transition period should be settled by the European Court of Justice, the highest court of the EU.

But the legal process can take a long time. By the end of the process, Britain will no longer be bound by the laws of the EU, which should be applied in full only until the end of the transition period.

The draft legal text, which has not yet been approved by EU governments, will be part of a treaty that will regulate the terms of the divorce between the UK and the EU and the rules of the transition period after Brexit.

The text repeats that from March 30, 2019 to December 31, 2020, the UK will obey all EU laws, but will no longer participate in the decision-making process in the EU.

Since March 30, 2019, the British Parliament will no longer be considered a "national parliament" in accordance with EU legislation, and the Bank of England will not be part of the European system of central banks.

source: reuters.com






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