Mr. Valdis Dombrovskis:

On the transitional period and the exact timing, as the members are aware, the timing that is currently being discussed is linked with the end of the current multi-annual financial framework, which is the end of 2020. On the one hand the UK maintains its access to the Single Market and on the other hand it respects all the conditions such as free movement, payment to the EU budget and recognising the European Court of Justice jurisdiction. Post-2020 we will be in a new multi-annual financial framework. Any transition periods post-2020 would imply a new negotiation on the UK financial contribution to the EU budget. In any case that could be complicated. This is why the current thinking is for the end of 2010.