Spotlight: Brexit

On 25 November 2018, the governments of the United Kingdom and the remaining 27 EU Member States agreed on the text of an agreement, based on which the United Kingdom will leave the EU (Withdrawal Agreement). The United Kingdom formally applied to leave the EU on 29 March 2019 and will therefore in accordance with Article 50 TEU cease to be a Member State of the EU at the end of 29 March 2019. The withdrawal treaty, which was intended to enable the United Kingdom to withdraw in an orderly manner from the customs union, the internal market and the political and administrative institutions of the European Union, was rejected by a clear majority (432 votes) in the British Parliament. If no agreement is reached by 29 March 2019, the consequence will be a "hard Brexit". The economic and financial consequences are not foreseeable.