Brexit Breakthrough Deal Shows Give and Take: Some Key Points

European Commission President Jean-Claude Juncker described it as a negotiation where both sides — the European Union and the U.K. — “had to listen to each other, adjust their position and show a willingness to compromise.” Here is a breakdown of the key points.

The U.K will contribute to EU budgets for the years 2019 and 2020 as if it had remained in the Union
The U.K will contribute its share of financing of EU budgetary commitments outstanding at 31 December 2020
The U.K. will contribute its share of the financing of the EU’s liabilities incurred before 31 December 2020
The citizens’ rights part of the final Withdrawal Agreement is to be interpreted in line with the case law of the Court of Justice of the European Union
In the context of the application or interpretation of those rights, U.K. courts shall have due regard to relevant decisions of the ECJ
There will be a mechanism enabling U.K. courts to ask the ECJ questions of interpretation and it will last eight years.
The U.K. will either propose a solution for keeping the Irish border open that will be acceptable to the EU, or continue to by EU’s single market and customs union rules “which, now or in the future, support North-South cooperation, the all-island economy and the protection of the 1998 Agreement”
Source: Bloomberg

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