The Brexit referendum in the UK in June 2016 triggered a complicated in legal terms and costly process. Before the UK leaves the EU likely in 2019, the kingdom has to pay a so-called divorce bill. Its exact amount has to be agreed between the UK and the EU authorities. No wonder the parties view the divorce from different angles.
Brussels insists that the UK should settle its departure from the EU with payment of at least EUR 60 billion. President of the European Parliament Antonio Tajani stated this requirement on behalf of the EU. The policymaker added that in case London agrees on a smaller exit bill with the EU authorities, European citizens will have to cover the difference at their own expense. Thus, Brexit is recognized as the main source of uncertainty both for the UK and the eurozone.
The stumbling block in the Brexit negotiations is new trade relations between the UK and 27 countries of the EU. Jorg Decressin, deputy director of the IMF's European Department, said the IMF expects a deal within a transition period to be eventually struck. He noted that experts of the lending institution have not considered “a no deal” scenario. Anyway, Brexit is likely to make a disruptive impact.
