France's EU Minister Amelie de Monchalin has.....>

EU: France's EU Minister Amelie de Monchalin has stated that the degree of the

EU's commercial openness with the UK after Brexit will depend on the level of

convergence between UK and EU norms and regulations under a FTA.

- Also states that there is no prospect of a totally new commercial system for

UK in 11 months. 

- With UK leaving the bloc on Friday (to muted reactions on both sides of

English Channel and the markets), all focus is on the nature of negotiating

stance from Westminster and Brussels. 

- As with the negotiations on the withdrawal agreement, those relating to a FTA

are likely to prove combative. 

- Irish Taoiseach Leo Varadkar stated yesterday that "team 27 [the EU-27]" will

be negotiating in "very challenging" talks, while chief EU negotiator Michel

Barnier added "If we have no agreement, it will not be business as usual and the

status quo, we have to face the risk of a cliff edge, in particular for trade."

- Hardline statements from both sides will be common in 2020, and could spook

markets if it seems prospect of a deal or extension to transition is fading.