BRUSSELS should delay Brexit talks until after the March 2019 deadline to save Europe’s economy from catastrophe, advisers to Angela Merkel have demanded.
The German Council of Economic Experts (GCEE) – often referred to as the Five Wise Men – called for Brexit to be postponed to save the bloc from financial hardship.
But the group’s first wish is for the UK’s European Union exit vote to be reversed.
In their annual report the group told Mrs Merkel extending the negotiations would be “sensible”.
It follows claims from Brexiteer Jacob Rees-Mogg last month that a deal could take decades if the Government does not meet their Brexit deadline of March 2019.
The Wise Men report said: “Given the immense ramifications of the United Kingdom's exit from the EU, the GCEE continues to call for preventing this scenario.
“If this is not possible, the objective of the negotiations should be to conclude a follow-up agreement that minimises the damage for both sides.
“It is, however, likely that more time will be needed to negotiate this kind of agreement than the two-year period specified in Article 50 TEU.
“As a result, the GCEE is in favour of granting a one-time extension of this period."
The GCEE went on to claim market responses to Brexit and the risk of a no-deal scenario could put Europe’s finances in deep jeopardy.
The report said: “There is still a risk of an uncontrolled exit and sudden adjustment reactions by economic agents.
“Conversely, the possibility of the UK staying in the EU can’t be completely excluded.”
Last month, rising star of the Conservative party Mr Rees-Mogg said the EU would drag the negotiations on for decades if the Government run a minute over the Brexit deadline set out in Article 50.
Speaking at a full to the rafters fringe event at the Conservative Party Conference, the MP for North East Somerset claimed there was plenty of precedent to prove the EU would drag their heels on a deal – adding the UK should strike a trade deal as soon as possible.
He said: “The history of the European Union negotiating trade deals is so long and slothful that we need to have that done before we have agreed any payment, before we've agreed any final deal, because if we haven't agreed it by March 2019, it might be March 2029 before we have any agreement, or March 2039.”
Mr Rees-Mogg went on to slam the EU’s approach to negotiations, accusing them of acting like a crime syndicate.
He said: “If an organisation that you're leaving decides to kneecap you as you leave, it's usually the mafia.”