Global Perspectives: Brexit Negotiations Are Stuck on Ireland
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Brexit Negotiations Are Stuck on Ireland
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The deadline for Brexit is less than five months away. Both the European Union (EU) and the United Kingdom do not want to walk away without a deal, since that would likely entail economic damage not only to the U.K. but also to the EU, as the U.K. is their biggest trading partner.
Yet an agreement between the two still seems far away. Interestingly, the foreign exchange market hasn't responded much to the continued uncertainty of the deal.
To complicate matters further, the topic of how to treat Northern Ireland is now the dominant factor — something that very few voters ever thought would become so critical. The island of Ireland is split between the Republic of Ireland — commonly known as "Ireland," which is predominantly Catholic and part of the EU — and Northern Ireland — which is predominantly Protestant and part of the U.K. During the Brexit votes, Northern Ireland actually voted to remain in the EU.
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