Article 50
Categories: International, Forex, Econ, Education
Remember the hoopla when Britain left the European Union? BREXIT. As the BBC points out, it did this through its Article 50 laws. Article 50 falls within the Treaty of Lisbon. Basically, Article 50 says that a country can withdraw from the EU and outlines preplanned ways to do so.
To do this, you first let the EU know that your plan is to withdraw. Then you follow procedure. As laid out in the Treaty of Lisbon, Article 50 is as follows:
1. Any Member State may decide to withdraw from the Union in accordance with its own constitutional requirements.
2. A Member State which decides to withdraw shall notify the European Council of its intention. In the light of the guidelines provided by the European Council, the Union shall negotiate and conclude an agreement with that State, setting out the arrangements for its withdrawal, taking account of the framework for its future relationship with the Union. That agreement shall be negotiated in accordance with Article 218(3) of the Treaty on the Functioning of the European Union. It shall be concluded on behalf of the Union by the Council, acting by a qualified majority, after obtaining the consent of the European Parliament.
3. The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification referred to in paragraph 2, unless the European Council, in agreement with the Member State concerned, unanimously decides to extend this period.
4. For the purposes of paragraphs 2 and 3, the member of the European Council or of the Council representing the withdrawing Member State shall not participate in the discussions of the European Council or Council or in decisions concerning it.
A qualified majority shall be defined in accordance with Article 238(3)(b) of the Treaty on the Functioning of the European Union.
5. If a State which has withdrawn from the Union asks to rejoin, its request shall be subject to the procedure referred to in Article 49.
The thing to know is that Britain made waves because they were the first and only country to take this action. To begin this process, British Prime Minister Theresa May sent a letter to the European Council (specifically, the president) detailing the country’s intentions. But the process isn’t a one-stop shop. It is filled with negotiations that take a long time to iron out.
