ECOFIN warns London

ECOFIN warns London

ECOFIN warns London

While British Prime Minister Boris Johnson this weekend defends his plans to cancel some of the provisions of the Brexit deal he negotiated last year, the European Union has warned that it is ready to disrupt trade talks.

Brussels and London are still in dialogue on a trade agreement, which should be concluded by early next year, but in Berlin, where an informal meeting of ECOFIN (EU ministers of economy and finance) is taking place, they no longer rule out that there will be no agreement at all and warn the British about consequences:

“Europe has carefully prepared for this issue. My assessment is that the disordered situation will have very serious consequences for the British economy. Europe will be able to cope with this, and there will be no particularly serious consequences after all the preparatory work we have done,” Olaf said on Saturday Scholz, German finance minister.

Paolo Gentiloni, European Commissioner for Economic Affairs, expressed a similar opinion:

“We are very concerned about the development of the situation. We reiterated that now the UK must restore the credibility of the European Union, because, as European Commission President Ursula von der Leyen said, Pacta sunt servanda.

Pacta sunt servanda is Latin for “agreements must be respected,” but Prime Minister Johnson told the Daily Telegraph on Saturday that the agreement poses a threat to Britain and that a new law is needed to ensure that it can be canceled.

We are talking in particular about the possibility of rejecting part of the rules agreed in October 2019 for goods that are imported and exported from Northern Ireland.

Experts note that the bill proposed by the British government directly violates international law. This drew criticism not only in the EU, but also within Johnson's Conservative Party. British MPs will discuss the bill next week.

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