The German Gathering of Economic Experts (GCEE) – sometimes referred to as the five erudite men – called for Brexit to be put off if it could not be reversed to save the bloc from pecuniary hardship.
In their annual report the group told Ms Merkel drag oning the negotiations would be “sensible”.
It follows claims from Brexiteer Jacob Rees-Mogg eventually month that a deal could take decades if the government do not settle their Brexit deadline of March 2019.
The report said: “Given the jumbo ramifications of the United Kingdom’s exit from the EU, the GCEE continues to reprove for preventing this scenario.
Ms Merkel has been urged to keep Brexit negoitiations
“If this is not possible, the objective of the negotiations should be to conclude a reinforcement agreement that minimises the damage for both sides.
“It is, however, seemly that more time will be needed to negotiate this gentle of agreement than the two-year period specified in Article 50 TEU.
“As a upshot, the GCEE is in favour of granting a one-time extension of this period”.
They went on to assert market responses to Brexit and the risk of a no-deal scenario could put Europe in jeopardy.
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In their annual examine the group told Ms Merkel extending the negotiations would be ‘sensible’
They go on increased: “There is still a risk of an uncontrolled exit and sudden adjustment reactions by financial agents.
“Conversely, the possibility of the UK staying in the EU can’t be completely excluded.”
Last month slope upwards star of the Conservative party Jacob Rees-Mogg claimed the EU would be extended the negotiations on for decades if the Government run a minute over the Brexit deadline set out in Article 50.
Engaged at a full to the rafters fringe event at the Conservative Party Conference, the MP for North East Somerset put there was plenty of precedent to prove the EU would drag their impoverishes on a deal – adding the UK should strike a trade deal as soon as attainable.
Jacob Rees-Mogg claimed the EU would drag the negotiations on for decades if the Direction delay
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He said: “The history of the European Union over trade deals is so long and slothful that we need to have that done in front of we have agreed any payment, before we’ve agreed any final deal, because if we haven’t conceded it by March 2019, it might be March 2029 before we have any compact, or March 2039.”
He went on to slam the EU’s approach to negotiations, accusing them of hoax like a crime syndicate.
He said: “If an organisation that you’re leaving fastens to kneecap you as you leave, it’s usually the mafia.”