Interestingly RT, yet again, are
talking to people about things the BBC and other UK media don't want to talk about.
This one is interesting, it is a Professor of International Economic Law whos is saying what I've said all along. Namely that the EU will NOT negotiate but will, instead, only dictate.
It's a bit late to come to that conclusion, it was blatantly obvious right from the beginning. Also interesting is the bit at the bottom about the Irish going to Washington DC to try and get their congress to "stop a no deal Brexit". How, exactly, the US is going to do that is totally and utterly beyond me. It has not one thing to do with them. However, for me, it is an indication of the level of concern in Ireland. The EU (commission, council and parliament), are totally determined that they will force the UK to submit to their wishes. The only countries that have a good idea of how the UK works, in the EU, are Ireland, Malta and Cyprus. If Ireland is going to the US, it means that they have a very good idea that the EU is on totally the wrong track with the UK. Although 46 years of the UK kowtowing to the EU has probably dulled that sense a lot.
I also saw, today, that the German IFO thinktank wants to ditch the backstop. Their solution? Well we create a new trade arbiter of which the UK and the EEA are all members. Then the new (European), trade block negotiates all trade deals. Or, otherwise known as.... Hotel California.
Nobody in the EU seems to get it. The cash cow is leaving, the fifth largest economy in the world is sticking two fingers up at the EU and striding off on its own. If that hurts then, perhaps, a lesson will be learned by all those EU countries who stuck two fingers up at the UK and, perhaps, they will adopt a suitably more mature negotiating stance in the future.
The EU hailed CETA as a great new agreement for them. After 7 years of demands and few concessions. Only to find that they are losing 1.7 times that market when the UK walks away.
At the same time Eurozone GDP growth slows to 0.2% with Germany contracting by -0.2% in Q3 and estimated to also shrink again in Q4, making it technically in recession. France is outdoing the pack with 0.4% in Q3 and a little less estimated in Q4.
So what were the UK Brexshitt disaster economic growth readings for Q3 and estimate for Q4?? That would be 0.6% Q3 and an estimated 0.4% in Q4.
German industry, facing slowing growth and potential recession continuing are starting to wake up and count the sums of money the UK spends to buy German goods. Slowly but surely German businesses are starting to go into panic as a "deal" does not emerge. If Q1 2019 German GDP growth figures do not go back into positive territory and the UK exits without a deal, the German economy is going to be in real pain.
It won't be pretty in the UK either, but the UK is still growing strongly and that growth is based more on our extra-EU trade than our internal EU trade. So, just like the predictions of disaster and destruction for voting for Brexit, No Deal is going to be a bigger issue to a struggling EU than it will for a UK which will push trade more and more out of the EU and into the world. Especially for Italy who have a £5.3bn trade surplus with the UK and, also, UK goods and services will become more expensive for an economy in recession.
Brexit could be the straw that breaks the camel's back for Italy. Especially when we talk about Automotive components we manufacture and ship to the EU for their vehicle sales. A very important component of the Italian economy.
So, all in all, there is a lot of pressure on the EU right now to accommodate trade with the UK. The EU is supposed to be the arbiter of trade for the member states, making it better, not worse.
We will see more of these kinds of discussions as time goes on.