According to the statement published by the European Commission on today’s meeting between President Jean-Claude Juncker and British Prime Minister Boris Johnson, Juncker reiterated that it was the UK’s responsibility to come forward with legally operational solutions that are compatible with the Withdrawal Agreement.
“President Juncker underlined the Commission’s continued willingness and openness to examine whether such proposals meet the objectives of the backstop. Such proposals have not yet been made,” the statement further read.
The impact of this statement on the British pound was relatively limited. As of writing, the GBP/USD pair was down 0.36% on the day at 1.2454.