It is still too early to judge, but from the events of the last few days it appears to us that Brexit is going to be less disruptive to both the UK and European economies than many feared. It would be wrong to say that the new UK government has a strategy - but at least the new team seems to be converging towards what appears to be a perceptible line. Yesterday the new chancellor - or finance minister - Philip Hammond openly acknowledged that Britain will not be a part of the single market, but will only seek access to it - a request that [German Finance Minister] Wolfgang Schauble described as "reasonable".But will a backroom globalism deal be the goal rather than complete free trade?
Eurointelligence states what will likely emerge is "a series of free-trade agreements." Since free trade requires at most a piece of paper between two nations that says, "We agree to trades. Go forth citizens and do so if you desire,"any trade agreements are backroom deals.