Finance & Trade

Hungary Warns EU to Maintain Trade with UK

March 21, 2017

In a recent interview, Hungarian Foreign Minister Peter Szijjarto cautioned the EU against "alienating" the UK through an unfavorable post-Brexit trade deal, arguing that a low-tariff agreement keeping the UK in the European orbit would be much preferred to a situation where the UK finds better deals elsewhere.
Banking Initiative Pushes for CEE Finance Union

March 17, 2017

The Vienna Initiative, a framework developed by European bank authorities to maintain financial stability in Central and Eastern Europe (CEE), has announced the establishment of a working group to investigate obstacles, including domestic regulation, to the development of a cross-border capital markets union in the CEE region.
UK Official Pledges to "Fight Back" If EU Refuses Deal

March 17, 2017

In a recent interview, UK Chancellor of the Exchequer Philip Hammond asserted that he expects to negotiate a comprehensive free trade deal with the EU during Brexit talks but warned that his government will take any steps necessary to "fight back," including with trade deals and potentially other measures, if the bloc refuses such a deal.
EU Parliament Calls for Entry Barriers for Americans

March 16, 2017

The European Parliament has adopted a non-binding resolution calling on the European Commission to respond to US visa requirements on nationals traveling from Bulgaria, Croatia, Cyprus, Poland, and Romania by imposing visa requirements on Americans and threatening to take the Commission to court if it fails to act.
UK Prepares for Possibility of No Brexit Deal

March 15, 2017

Reuters reports that, according to the UK's Brexit Secretary David Davis, British Government ministers must prepare not only to implement the terms of a deal forming a new relationship with the EU following the UK's exit from the bloc, but must also make provisions for the "unlikely scenario" in which the EU and UK do not reach such a deal.
EU Considers Tougher Financial Equivalence Standards

March 15, 2017

According to a Financial Times report citing a European Commission document, the EU is planning to toughen its standards for confirming that European nations outside of the bloc have sufficiently rigorous financial rules, which would make it more difficult for British banks to interact with EU financial markets after Brexit.
Report: Brexit Will Aid EU-India Trade Deal

March 02, 2017

Revealing a potential silver lining to the impact of the UK's exit from the EU on the bloc's trade policy, The Guardian reports that a document circulated in the European Parliament predicts that it will be easier to negotiate an EU trade deal with India after Brexit given India's desire to maintain tariffs on Scotch whiskey and migration barriers in the UK.
Norway Seeks Inclusion in Brexit Deal

March 02, 2017

The Independent reports that Norway's EU minister, Frank Bakke-Jensen, has announced his government's intention to seek inclusion in any trade arrangements agreed between the UK and the EU following Brexit.
EU Parliament Ratifies Long-Awaited CETA

February 24, 2017

The New York Times reports that, "after seven years of tortuous negotiations," the European Parliament has ratified the EU-Canada Comprehensive Economic and Trade Agreement (CETA), leaving the final step of ratifying the deal to national and some regional parliaments across the EU.
Irish Official Predicts Post-Brexit Border Deal

February 21, 2017

In testimony before the UK Parliament's Northern Ireland Select Committee, Irish Ambassador to the UK Daniel Mulhall asserted that it would not be "remotely possible" to establish a "hard border," including customs checks and the prevention of the free movement of people, between Ireland and Northern Ireland following the UK's exit from the EU.