European Union co-President Donald Tusk yesterday tweeted that he would issue a response to the UK’s triggering of Article 50 within two days. Tusk will then present draft negotiation guidelines to all 27 member states almost immediately.

All of the EU member states are likely to meet in a special summit in the next 4 to 5 weeks where they will discuss the position of the Union.

This will then provide the European Commission’s Chief Negotiator Michael Barnier terms in which he can prepare discussions. It is thought there is unlikely to be any serious negotiations before as late as May, with no discussions on the EU side having taken place as of yet.

What is needed for a deal?

Michael Barnier and his team once they have received the mandate from the EU Council will then be able to begin discussions. The two sides will then come together and try to form a draft.

Should they come to an agreement the draft will be taken for review by the 27 leaders and will be voted on. There would need to be approval from the 20 of the leaders who have a combined population of over 65%. The draft if it receives enough support will then go for ratification by the European Parliament.

There will be 2 years of guaranteed negotiations however if a deal is not achieved in that time all 27 members must be in agreement to continue. In the event that no deal is reached then the EU treaties will no longer apply in the UK.

Marine Le Pen in TV debate

Le Pen last night came under fire from opposition party leaders as they clearly looked to attack her policies in yesterday’s TV debate. Whilst Macron looked composed and had clearly prepared for a confrontation with Le Pen, he didn’t seem to do enough to be an outright winner. The French election still hangs in the balance with a month away from the first round of voting, the polls still have Le Pen and Macron neck and neck through round one.

With so much uncertainty surrounding the Euro it may be worth capitalising on the current rate. If you’re looking to sell Euros then you would be trading at some of the highest levels in the last 3 years, contact your broker to discuss any requirements you may have. Alternatively, if this is your first time trading with us, sign up here and one of our brokers will be in touch with you.


Read more articles
Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.