WORLD HISTORY

Detailed explanation-1: -The Schengen Agreement abolished border controls between member states. The United Kingdom and Ireland received opt-outs from implementing the Schengen acquis when the Treaty of Amsterdam of 1997 incorporated it into the EU treaties, as they were the only EU member states which had not signed the agreement.

Detailed explanation-2: -When the United Kingdom leaves the European Union on 31 January 2020, after full ratification of the Withdrawal Agreement, we will enter into the transition period. This time-limited period was agreed as part of the Withdrawal Agreement and will last until at least 31 December 2020.

Detailed explanation-3: -Maastricht Treaty The Treaty also established a timeline for Economic and Monetary Union (EMU) and set out the economic “convergence criteria” States needed to achieve and maintain, in order to adopt the single currency. The UK secured an opt-out from EMU.

Detailed explanation-4: -Among the reasons why the nation decided to continue using the pound when it first joined the EU was its economic sovereignty. Its leaders wanted national businesses to be able to compete on a global scale. The U.K. government also wanted to retain control over its own interest rate policy.