Ten years after the Brexit referendum, only a third of Brits believe that leaving the EU was the right decision. Among young people in particular, support for rejoining the European Union is strong.
Technically speaking, Point 1 isn’t guaranteed to be demanded by the EU. Most of the EU agrees that the UK rejoining would be a huge benefit to the EU. Whether that means the EU would agree to waive the monetary union requirement is not a settled question.
Furthermore, even if Brussels DID demand that the UK agree to take the Euro like all new joining members, there are loopholes that allow a member state to agree to that but then never finish the process. Sweden for example.
Nothing is guaranteed, but the official standpoint from EU is that UK will NOT get a special deal. And participation in the Euro is the default.
So UK will technically be obligated to join the Euro.
Sweden came in under other terms back in 1995, much has changed since, and such exceptions will not be likely to be accepted today.
I don’t think Hungary is using a loophole, seems more likely that Hungary doesn’t qualify for the Euro ATM.
Much the same way there were speculations that Greece might have to leave the Euro.
The Euro can be mandatory for new member states without being mandatory for existing members.
If UK had remained in the EU, they would have kept ALL their special arrangements without problems.
Sweden doesn’t qualify for the euro either. That’s the loophole. They’re failing the qualification criteria on purpose, because (they argue) joining ERM II is optional.
I also don’t think that a country and economy as important as the UK would be treated like any member. The UK can probably get some of its favorable treatment back. The only absolute red line seems to be the Three Freedoms.
Oh, and the regulatory and judicial framework, too. That was a huge sticking point during Brexit, when they rejected the May proposal over the ECJ having final say on disputes over Northern Ireland.
Technically speaking, Point 1 isn’t guaranteed to be demanded by the EU. Most of the EU agrees that the UK rejoining would be a huge benefit to the EU. Whether that means the EU would agree to waive the monetary union requirement is not a settled question.
Furthermore, even if Brussels DID demand that the UK agree to take the Euro like all new joining members, there are loopholes that allow a member state to agree to that but then never finish the process. Sweden for example.
Nothing is guaranteed, but the official standpoint from EU is that UK will NOT get a special deal. And participation in the Euro is the default.
So UK will technically be obligated to join the Euro.
Sweden came in under other terms back in 1995, much has changed since, and such exceptions will not be likely to be accepted today.
Hungary joined in 2004 and is using the same loophole. I’ve seen or heard nothing to suggest that the loophole has ever been done away with.
I don’t think Hungary is using a loophole, seems more likely that Hungary doesn’t qualify for the Euro ATM.
Much the same way there were speculations that Greece might have to leave the Euro.
The Euro can be mandatory for new member states without being mandatory for existing members.
If UK had remained in the EU, they would have kept ALL their special arrangements without problems.
Sweden doesn’t qualify for the euro either. That’s the loophole. They’re failing the qualification criteria on purpose, because (they argue) joining ERM II is optional.
I also don’t think that a country and economy as important as the UK would be treated like any member. The UK can probably get some of its favorable treatment back. The only absolute red line seems to be the Three Freedoms.
Oh, and the regulatory and judicial framework, too. That was a huge sticking point during Brexit, when they rejected the May proposal over the ECJ having final say on disputes over Northern Ireland.