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Relations between the European Union (EU) and the United Kingdom of Great Britain and Northern Ireland (UK) are governed, since 1 January 2021, by the EU–UK Trade and Cooperation Agreement (TCA). Relations trace back to the foundation of the European Communities , the European Union's predecessor, in 1957.
The United Kingdom did not seek to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992, wherein the Bank of England would only be a member of the European System of Central Banks. United Kingdom opinion polls showed ...
The United Kingdom's post-Brexit relationship with the European Union and its members is governed by the Brexit withdrawal agreement and the EU–UK Trade and Cooperation Agreement. The latter was negotiated in 2020 and has applied since January 2021.
European Commission publication: EU–UK Trade and Cooperation Agreement – Infographic (24 December 2020) United Kingdom government: Summary Explainer of the TCA (24 December 2020) European Union initial draft: EU – UK CFTA (Draft) (20 March 2020) United Kingdom initial draft: UK – EU CFTA (Draft) (undated, public release 19 May 2020)
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
The European Union has concluded free trade agreements (FTAs) [1] and other agreements with a trade component with many countries worldwide and is negotiating with many others. [2] The European Union negotiates free trade deals on behalf of all of its member states, as the member states have granted the EU has an "exclusive competence" to ...
The UK has no free trade agreement with any of the EU Overseas Countries and Territories. Greenland and the UK have opened negotiations for a free trade agreement. [156] [157] Montenegro: 1 15 October 2007 1 May 2010 1 January 2021 Goods & Services The UK has no free trade agreement with Montenegro. [158] [109]
In 1979, the United Kingdom opted out of the newly formed European Monetary System (EMS), which was the precursor to the creation of the euro currency. The opposition Labour Party campaigned in the 1983 general election on a commitment to withdraw from the EEC without a referendum. [ 16 ]