EU Commission: Will not agree to a renegotiation of Northern Ireland protocol

In a statement published on Monday, the European Commission said that they take note of the UK ministerial statement regarding the operation of the Northern Ireland protocol on the current basis, including the continuation of existing grace periods, per Reuters.

Additional takeaways

"Our focus remains on identifying long-term, flexible and practical solutions to address issues related to the practical implementation of the protocol that citizens and businesses in Northern Ireland are experiencing."

"However, we will not agree to a renegotiation of the Northern Ireland protocol."

"EU Commission reserves its rights in respect of infringement proceedings."

"At present, it is not moving to the next stage of the infringement procedure launched in march, and is not opening any new infringements for now."

Market reaction

The GBP/USD pair showed no reaction to this statement and was last seen losing 0.2% on a daily basis at 1.3836.