7. Feb, 2018

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The tightly written legal language makes clear just how powerless the U.K. will become in EU matters during the transition. For example, it states: “For the purposes of the treaties, during the transition period, the parliament of the United Kingdom shall not be considered to be a national parliament.”

It also states, “during the transition period, the Bank of England shall not be considered to be a national central bank.” That means they are stripped of the standing that the parliaments and central banks of EU27 nations would have under EU law.

A draft legal text governing the Brexit transition forbids the UK from ‘any action’ in international bodies that is likely to be prejudicial to the EU.
politico.eu