Early on Friday morning, the EU and UK negotiated a deal allowing Brexit negotiations to move on to the “Phase 2”, which will establish their future trading relationship.
The European Commission said it recommends to the European Council to conclude that sufficient progress has been made in the first phase of the Article 50 negotiations with the U. K. The European Council will announce its decision on 15 December 2017. If approved, talks can proceed to second phase. Diplomats from both sides worked into the night to resolve the Irish border issue – although questions remain whether it’s really fully resolved. UK Prime Minister, Theresa May, and Brexit secretary, David Davis, travelled to the Berlaymont building, the headquarters of the European Commission in Brussels, early on Friday morning to conclude the agreement with EU President, Jean Claude Juncker, and the EU’s chief negotiator, Michel Barnier.
Juncker and May subsequently hosted a press conference announcing the breakthrough. In a sign that a deal had been reached Martyn Selmayr, Juncker’s head of cabinet, had earlier tweeted a photograph of white smoke emerging from the chimney of the Sistine Chapel, the signal that the Vatican has successfully chosen a new Pope.
This post was published at Zero Hedge on Dec 8, 2017.