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Original title: Great Britain and Europe reach an agreement, economic recovery remains variable
Source: Economic Daily
On December 24, the UK and the European Union reached an agreement on a number of cooperative relationships, including trade, and announced the end of “Brexit.” The reason the UK and the European Union have made concessions on major differences in a short period of time is that, in addition to the unprecedented pressure on the economy, the recent worsening of the epidemic may be a key “catalyst” .
Last week, the United States and Europe each had a dramatic scene: the long-delayed and almost broken negotiations on the future of the UK-Europe relationship, the “little flowers” reached an agreement, the United Kingdom announced the completion of the ” Brexit “; The new round of the US bailout bill was in constant debate. It was finally approved by the US Congress, but challenged by the Trump administration. At the end of 2020, the road to economic recovery in response to the new corona pneumonia epidemic in the United States and Europe is still fraught with uncertainties.
On December 24, negotiations on future relations between the UK and the EU were reversed when all parties almost lost confidence. The United Kingdom and the European Union reached an agreement on a series of cooperative relationships, including trade, on the same day. This agreement establishes agreements for the trade in goods and services between the United Kingdom and Europe, the distribution of fishing rights in British waters and cooperation between the two parties in the fields of transport, energy, justice, etc.
The agreement clearly states that as of January 1, 2021, the UK and the EU will implement zero tariffs and quotas on all commodities subject to the rules of origin; In the field of transport, the agreement shows that after the UK officially “Brexit”, British companies will lose the EU. Qualified for access to the single market, but both parties will guarantee the smooth flow of air, road, rail and sea channels; In the field of energy, the agreement establishes that the two parties will build a new energy exchange and interconnection model. The president of the European Commission, Von der Lein, described this agreement as a “fair and balanced agreement”, while the British side affirmed “to regain control of its own destiny and its laws”.
Prior to this, the UK and Europe had “major differences” on key issues such as a level playing field and fisheries, causing long delays in negotiations. In this agreement, the UK and the EU agreed that within 5 and a half years after the end of the Brexit transition period, EU fishermen can still enter UK waters to fish for shellfish in accordance with the current access standards, but your fee will be 5 1/2 years. Gradually reduce by 25% inside. This has been seen as a huge concession made by the UK. In terms of fair competition, economic disputes can be resorted to to third party arbitration without fully complying with the EU judicial system, which is considered an EU commitment.
The analysis believes that the reason the UK and the European Union have made concessions on significant differences in a short period of time is that, in addition to unprecedented pressure on the economy, the recent worsening of the epidemic may be a key “catalyst”. On December 23, British Health Secretary Matthew Hancock declared that the new level of control and prevention of the corona epidemic in more areas of the east and southeast of England will be raised to the highest level in the room. The World Health Organization’s weekly global epidemic report published on December 22 showed that in the week of December 14-20, there were 36,286 new deaths in Europe, the largest in the world, accounting for 46% of all the new deaths.
inAtlanticOn the other hand, the United States, which is also concerned about the epidemic, continues to argue. On December 21, the United States House and Senate successively passed a package of spending bills totaling more than $ 2.3 trillion, divided into a total of approximately $ 900 billion. dollars in epidemic financial aid and a total of $ 1.4 trillion in the fiscal year 2021 budget plan. Prior to this, the two parties in the United States had been arguing for months over the amount and implementation of the bill. Although some economists believe the bill is not strong enough and was introduced too late, the additional relief measures will dampen the US economy a bit.
However, the outgoing US president, Trump, does not appear to accept the bill’s content. On December 22, he criticized the inadequacy of the $ 900 billion bailout plan, prompting speculation that it might not sign the bailout bill, and added new variables to the US economy, whose recovery momentum continues to wane. On December 22, the New York-based World Large Corporation Research Association released data showing that the US consumer confidence index fell to 88.6 in December, the lowest level since August of this. year. For the consumer-oriented US economy, this is not good news.
Currently, the number of new cases of new coronary pneumonia in the United States and Europe is accelerating, and the massive use of vaccines still takes time. The isolation and lockdown measures are expected to continue until 2021. Once the epidemic repeats, its economy may be further affected, and the United States and Europe’s recovery period from the epidemic crisis may also be longer.
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