Brexit's Moment of Truth Has Arrived

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Jean-Claude Juncker, the European Commission president, said on Monday that the last "legally binding" changes made to the Brexit deal is sealed and won't reopen the terms of the exit, giving this the last chance the British will have to leave the European Union in an orderly fashion.

“In politics, sometimes you get a second chance ... there will be no third chance," he said, highlighting the fact that there won't be more negotiations, “it is this deal or Brexit might not happen at all,” he added.

Juncker, who afterward gave a press conference, met with the British prime Minister Theresa May for almost two hours in the European Parliament headquarters in order to bring the Brexit out of the limbo. The outcome of those meetings is "legally binding" and ensures the Irish border backstop that will be voted on by the British parliament this Tuesday.

"Now is the time to come together to back this improved Brexit deal and deliver on the instruction of the British people," said Theresa May during the press conference, addressing the British MPs who rejected the previous Brexit conditions out of fear in January.

If the parliament votes against the new conditions, a new vote will be held on Wednesday in order to know if the House of Commons would approve a non-deal Brexit. If such an outcome becomes a reality, the British MPs will have to vote again on Thursday to figure out if the government should ask for more time to find a way of leaving the Union in an orderly manner.

Juncker assured that Ireland would back the new terms and asked the Head of the European Council to persuade the Eurozone leaders to follow this lead in the upcoming EU summit. He also added that in any case, the UK should definitely leave the Union before the next European elections, otherwise the British would be obligated to hold those elections like any other member of the Union.

Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.