Mr. Brian Hayes:

I thank the Chairman for the opportunity of being here today, which is our green week in the European Parliament. I welcome Vice-President Timmermans and I congratulate him on the work he is doing, particularly on the regulatory agenda which is often not recognised.

I have three specific questions. The first is on the issue of a transitionary period. The Commission has said nothing really thus far, until the negotiations start, about a transitionary phase being required. From our country's perspective it is essential that we have a transitionary phase given the close connections between the UK and Ireland. I believe it would actually help the atmosphere of the negotiations if Michel Barnier and his team and President Juncker were to make that clear.

My second question relates to the existing six pack and two pack architecture. Under this architecture, we have a procedure for exceptional circumstances which could affect the debt and deficit rule and the potential of flexibility for capital investment that some of my colleagues have raised with the Vice-President thus far. Does Mr. Timmermans potentially see Brexit as an exceptional circumstance under the existing architecture?

The new lingo in Brussels is what we call asymmetric shocks but the existing financial governance package under the two-pack and six-pack is already there . Does Mr. Timmermans think Brexit could be one of those?

At the end of the two year divorce settlement, it states it will be determined by way of a strong qualified majority voting, QMV. Is it not the case that we can come to an agreement by unanimity, whereby the 27 members states would have to accept the outcome of that divorce settlement with the United Kingdom? Stage one of a three phase negotiation, would be a divorce settlement, a transitional phase and ultimately a new relationship. Does Mr. Timmermans accept that it would have to be by unanimity rather than strong majority voting?