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UK Wins Brexit Extension in EU Style Compromise Satisfying No One

Summary:
Donald Tusk wanted a year-long extension. French President Emanuel Macron wanted June. The compromise was October. The EU agreed to a Brexit Extension Through the End of October as a compromise between the lengthy extension that European Commission President Donald Tusk wanted and the short extension that French President Emanuel Macron wanted. ​ The Wall Street Journal reports EU Leaders Agree to Delay Brexit Until Oct. 31. The decision further extends a torturous process that began with the U.K.’s June 2016 referendum decision to leave the EU and that has divided the country’s people and Parliament. A deal Mrs. May finalized with the EU in November has been rejected three times by lawmakers, and no majority has been found for any alternatives. The decision, reached at a summit that

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Donald Tusk wanted a year-long extension. French President Emanuel Macron wanted June. The compromise was October.

The EU agreed to a Brexit Extension Through the End of October as a compromise between the lengthy extension that European Commission President Donald Tusk wanted and the short extension that French President Emanuel Macron wanted.

The Wall Street Journal reports EU Leaders Agree to Delay Brexit Until Oct. 31.

The decision further extends a torturous process that began with the U.K.’s June 2016 referendum decision to leave the EU and that has divided the country’s people and Parliament. A deal Mrs. May finalized with the EU in November has been rejected three times by lawmakers, and no majority has been found for any alternatives.

The decision, reached at a summit that ended in the early hours of Thursday morning, was a typical EU compromise, this time between member governments that favored a short extension and those that wanted a much longer one.

Donald Tusk, the European Council president who presides over EU summits, ended the meeting with a message for his “British friends.”

“This extension is as flexible as I expected and a little bit shorter than I expected but it’s still enough to find a best possible solution,” he said. “Please do not waste this time.”

Leaders were divided. A majority, including German Chancellor Angela Merkel, favored an extension until at least the end of the year. A smaller group led by French President Emmanuel Macron opposed an extension beyond the end of June, arguing it was time for the EU to draw the curtain on the Brexit drama and focus on the bloc’s myriad challenges and priorities.

The ridiculous saga continues.

Mike "Mish" Shedlock

Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

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