Brexit keeps looking better and better for the UK as an EU court just provided veto power on any trade deal for up to 48 bodies

One of the primary reasons why Britain voted to leave the European Union earlier this year was the fact that the European Commission (EC) was usurping more and more political power over coalition nations when their original mandate was simply to exude economic power.  And in the course of the past six months alone since Brexit, the EC has even put to the vote a decree to form its own European military arm that is separate from both NATO, and individual sovereign governments.

Yet even with all of these attempts to funnel power from the member nations into one ruling body out of Brussels, the one thing that the Union did do quite well was to often agree as a whole on trade and financial frameworks.  However, a new court ruling out on Dec. 23 may have destroyed even this as the European Court of Justice is recommending that trade deals would not only need to be ratified by the 28 full time time EU member states, but also by the 20 ancillary members, any one of which could veto the entire deal with just a single no vote.

finTech_european-central-bank

A new European Court of Justice recommendation may make it more difficult for the EU to seal any major trade deal with anyone, including the UK over Brexit. It means up to 48 different European governments could hold a veto over future deals, in a sign of deepening EU bureaucracy.

The EU’s credibility has been dealt a significant blow.

Eleanor Sharpston QC, an advocate general at the European Court of Justice (ECJ), has recommended that an EU trade deal with Singapore can only be finalized by the EU’s member states, and not by EU institutions in Brussels acting alone.

Sharpston’s opinion is not binding until the court issues its official judgment, which is expected in early 2017. However, the Luxembourg-based court follows the views of advocate generals in most cases.

The implications are enormous.

It means that any future EU deal could have to push through very muddied waters indeed. It would have to be approved by the multiple, diverse interests of 38 national and regional parliaments, at least five regional and linguistic parliaments in Belgium and at least five upper houses in Germany and Italy. – Sputnik News

This ruling will have devastating effects to the overall functionality of the EU, especially as a growing number of nations within the coalition experience radical changes to their governmental leadership.  And simply put, once the coalition ceases to function in its original mandate because one or more countries choose to exert sovereign power over the EC, then it becomes more likely for the wealthier and more powerful nations such as Germany and France to simply leave the lessor nations to be on their own, and begin forging their own individual trade agreements that are beneficial to themselves versus Europe as a whole.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.