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Free AccessMNI SOURCES:Backstop Arbitration May Unblock Brexit: EU Source
David Thomas
LONDON (MNI) - The EU could agree to a protocol to apply an arbitration
mechanism to the Irish backstop in a bid to break an impasse over the Withdrawal
Agreement with the UK, an EU source said, as Prime Minister Theresa May
travelled to Strasbourg for last-minute talks.
The possibility of firming up text on arbitration, with the aim of
reassuring UK lawmakers that any future dispute over leaving the backstop would
be settled impartially, was reported March 6 by MNI, ahead of the March 29 date
for Brexit.
The EU source said that agreement between the two sides over the weekend
had been very close but that it had been "London's choice" not to go ahead.
"I think it's possible that if there is a text on an arbitration panel that
reassures the UK and also conforms with the Withdrawal Agreement - then fair
enough," the source said, adding that their door was always open if the UK
government needed extra legal reassurance.
"We have gone the extra mile. Every time we deliver but every time it is
one step forward and one step back," the source said. "There are always
technical solutions but it comes down to political choices."
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com
[TOPICS: M$B$$$,M$E$$$,M$X$$$,MC$$$$,MT$$$$,MX$$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.