On 29 March 2017, British Prime Minister Theresa May activated the Article 50 of the Lisbon Treaty, setting in motion the process for the country’s withdrawal from the EU. The Article sets out several negotiation phases that require the involvement of the European Commission, the Council of the European Union and the European Parliament. Withdrawal negotiations should address a wide range of issues related to the UK withdrawal itself and a new association agreement between Britain and the EU. Brexit negotiations may create rifts and ambiguities for which no clear precedent exists. The Article 50 has never been tested as no country has ever withdrawn from the EU after the Lisbon Treaty came into effect.
Brexit: Macroeconomic implications for the UK, the world economy & Greece
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