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Tag Archives: Brexit

New EU insolvency rules could underpin business rescue in the COVID-19 aftermath

Corporate bankruptcies are set to rise in the context of COVID-19. EU countries should speed up adoption of recent insolvency reforms and, in addition, offer consistent treatment to restructuring finance. One of the less-remarked consequences of the COVID-19 crisis, the associated lockdowns and the unprecedented collapse in demand experienced by some companies, has been a dramatic fall in business defaults and insolvencies. In a normal year, just under 200,000 insolvency proceedings are...

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Financial services: The Brexit dust begins to settle

The phase of greatest Brexit-related uncertainty for the European financial sector ended on 1 January. Although too early to discern more than the broadest contours of the future landscape, it is increasingly apparent that London will be less dominant than before. The Brexit story has entered a new phase. The United Kingdom’s exit from the European single market on 1 January was orderly in the financial sector, despite significant shifts of liquidity in shares and derivatives, and unlike the...

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What Thomas Hobbes might say about Boris Johnson and the Northern Ireland Protocol

The EU has indicated it intends to pursue legal action against the UK over the extension of grace periods for post-Brexit checks on certain goods entering Northern Ireland from Britain. Vittorio Bufacchi argues that while the UK’s approach may bring short-term benefits, these will be insignificant when set against the long-term reputational costs that come with breaking international agreements. Pacta Sunt Servanda: “commitments must be honoured”. We owe this phrase to the 17th century...

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The UK could be in line for years of Swiss-style negotiations with the EU

Prior to the Brexit referendum, it was common to cite Switzerland as a model for the UK to follow after leaving the European Union. Clive H. Church writes that while Brexiteers’ enthusiasm for this approach largely evaporated following the referendum, the UK has ultimately ended up on a path that has many potential similarities with the Swiss-EU relationship. At the time of the Brexit referendum in 2016, there was much talk of the UK following the Swiss model. This was suggested as one...

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When Neoliberalism Negates Itself

Share the post "When Neoliberalism Negates Itself" Review of William Callison and Zachary Manfredi, eds., Mutant Neoliberalism: Market Rule and Political Rupture (Fordham University Press, 2020). Among its many intellectual repercussions, the current crisis in global politics has forced us to reassess neoliberalism, the ideology that, more than any other, has shaped our present. Despite its highly disruptive effects, neoliberalism had, until recently, seemed...

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Brexit, batteries and the fate of the British car industry

While the British automobile industry was spared from costly tariffs in the Trade and Cooperation agreement (the Brexit deal), Bob Hancké and Laurenz Mathei argue that strict Rules of Origin requirements could spell its demise in the near future if the UK doesn’t boost its efforts to establish a large-scale battery supply chain. If you listened carefully, you could hear a sigh of relief going through the UK automobile industry on Christmas Eve 2020. The final Trade and Cooperation...

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Article 16 of the Ireland/Northern Ireland Protocol offers no ‘quick fix’

In this blog, Katy Hayward and David Phinnemore address the latest debate surrounding the implementation of the Protocol on Ireland/Northern Ireland. They suggest that, contrary to some claims being made, unilateral triggering of Article 16 by the UK would not offer an easy route for remedying the new realities in the movement of goods across the Irish Sea. Transition is over and the Ireland/Northern Ireland Protocol is now in operation. With Northern Ireland effectively remaining...

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The double irony of the new UK-EU trade relationship

The Trade and Cooperation Agreement signed between the European Union and the United Kingdom goes against six decades of UK efforts to avoid being economically disadvantaged in Europe. Tracking the evolution of the EU-UK relationship over the last 60 years can help in understanding this. By: André Sapir Date: January 12, 2021 Topic: European Macroeconomics & Governance On 1 January 2021, the United Kingdom left both the European customs union and the single market. Its trade...

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Boris Johnson’s no deal Brexit ‘zugzwang’

There are now only two weeks remaining for the UK and the EU to secure a post-Brexit trade agreement before the current transition arrangements expire. John Ryan writes that whichever way Boris Johnson and his government decide to move next, it seems inevitable the process will do irreparable harm to the UK’s interests. Zugzwang is a situation in chess in which a player is under the obligation to make a move and in which any move available makes their position worse. Because chess...

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Framing risky choices: How the Leave campaign convinced Britain to take a leap into the unknown

Prior to the Brexit referendum in 2016, many observers expected that floating voters would swing toward Remain due to the perceived risks and uncertainty associated with leaving the European Union. Drawing on a new book, Ece Özlem Atikcan, Richard Nadeau and Éric Bélanger explain how the Leave campaign managed to reframe the risks associated with Brexit and win the referendum. The UK’s decision to leave the European Union in 2016 defied the well-established idea that voters don’t like...

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