In conjunction with the joint statement making a commitment to acting immediately on finding alternative border arrangements and securing a better future relationship, one that does not have to be based on the existing backstop plans, the risks of foul play or entrapment by the EU are significantly reduced.
The only path to each is based on the exact same withdrawal agreement, which includes the backstop.
Merkel committed herself to a permanent financial backstop, one whose stability would inevitably be based on the stability and solvency of Germany itself.
"This is the worst Rube Goldberg approach: Rather than fixing the GSEs as fully private, well-capitalized entities with real capital and rate-of-return caps and no guarantee, which would lead market participants to price deals based on the GSEs' capital, deals will be based on a government backstop," Rosner said.
Doing some rough math, based on the current level of federal and state spending on postsecondary education, government should be able to backstop these programs directly, leaving students (and student loans) out of the equation.
A relationship based on the UK remaining in a customs union beyond the transition period, possibly through invoking the so-called Irish "backstop", would still mean a hit to GDP of 2.8%, the equivalent of £70bn a year.
Groups have put forward different options for the UK's future relationship with the EU, with several based on the assumption Mrs May's withdrawal agreement with the EU will be approved - albeit with changes to the controversial Northern Ireland backstop.
Conservative Brexiters have said they will assess the EU's new assurances based on whether the UK could leave the backstop "at the time of our choosing", with the decision likely to hinge on the revised legal advice of the attorney general, Geoffrey Cox.
The "new backstop" is based on a plan drafted by the former Brexit minister Steve Baker before Christmas, which he has named "A Better Deal".
