EU accelerates to cope with fallout of sudden Brexit
It's more than 11 months to go before the UK formally breaks away from the European Union (EU) but it seems the latter is in no mood to waste much time to see the back of Britain.
According to a report published in Financial Times, Brussels which houses the European Commission (EC) - the executive of the EU -- is set to issue several legal proposals over the next two-and-half months to prepare the EU for a sharp separation from the UK, partly by empowering the bloc's bodies with emergency powers.
The EC, for instance, has drafted 30-40 proposals to change the laws and empower the regulators with special powers so as to enable it to deal with a "no-deal scenario, either on Brexit day in March 2019 or after a transition period." The Brexit is scheduled to happen at 11 pm GMT on March 29, 2019.
The slew of measures could cover trade, automobile industry, space programme, transport, financial services and others, the report said, and they will be undertaken fast to minimise the chances of uncertainty in business that could emerge with the formal occurrence of Brexit.
The commission is so determined to prepare for the post-Brexit scenario that it even could use the EU's legislative process with the UK still remaining a full-fledged member with a right to vote, the report added.
The FT reported cited an EU diplomat as saying: "This is all inevitable and necessary." The diplomat said there are issues with EU law that needed to be sorted out.