Information on the consequences and arrangements for the United Kingdom’s exit from the European Union
15 Febbraio 2019
The sixth meeting of the Brexit task force was held at Palazzo Chigi, chaired by Ambassador Pietro Benassi. Work on the legislative measures to protect the rights of citizens in the event of a no-deal exit by the United Kingdom from the European Union continued. The current status of the financial services sector was also discussed, following preparation by the Ministry of Economy and Finance of the legislative measures needed to ensure full market continuity for intermediaries and protect depositors, investors and customers in general in the event of a no-deal withdrawal.
Information on the consequences and arrangements for the United Kingdom’s withdrawal from the European Union
On 29 March 2017, the United Kingdom gave notice of its intention to withdraw from the European Union in accordance with article 50 of the Treaty on European Union. The Italian government set up a Brexit task force from June 2018 at Palazzo Chigi to follow and coordinate Brexit-related activities, especially the negotiations on the withdrawal agreement and future relations between the European Union and the United Kingdom and the preparation and emergency measures for each scenario.
Brexit with a withdrawal agreement
After about a year and a half of work between the European Union and British negotiators, on 25 November 2018, a special meeting of the European Council (Art. 50) endorsed the Brexit withdrawal agreement and approved the Political Declaration Setting out the Framework for the Future Relationship. This is an understanding of fundamental importance that would allow the British withdrawal to be managed in an orderly fashion, in clear terms for both citizens and companies, and would also provide for a transition period to 31 December 2020 after the exit on 29 march 2019. Among other things, the agreement guarantees protection of the rights of citizens and the protection of geographic indications, governance of British financial issues with respect to the EU budget and it also sets the bases for a profound, ambitious economic and security partnership between the EU and the United Kingdom after Brexit.
The procedures for the EU to ratify the withdrawal agreement are in place, with the goal to finalise them by 29 March 2019. If you wish to find out more
- The Withdrawal Agreement
- The Political Declaration Setting Out the Framework of the Future Relationship
No deal Brexit
In the context of ongoing uncertainty on the withdrawal agreement being ratified in the United Kingdom and since the Brexit date (29 March 2019) is fast approaching, parallel arrangements have to be prepared for every scenario, including the undesirable hypothesis of withdrawing without a deal. Brexit preparations involve both the public administrations and the private sector and individual citizens In order to be prepared for a no-deal withdrawal, the European Commission has been working on the basis of a collective emergency plan for some time now, and has established a common work calendar between the twenty-seven Member States of the EU in November 2018.
To that end, it is very important for all parties involved in the exit of the United Kingdom from the EU to be prepared at the withdrawal date, taking account of all possible scenarios, fully assessing the risks and planning the right responses to mitigate them.