Foxholer
Blackballed
Not having a defined procedure didn't mean that it 'was not possible'!...
In addition, EU and EEA wise, the rules were made up as they went along. For example, the EEA only came into being to let a few countries become a part of the Single Market, and until 2007 it was not possible for an EU member to leave the EU after they had joined. That's when Article 50 was created....
Article 50 merely defined the procedure!
As it happens, I don't believe invocation of Article 127 actually is required - though it would probably clarify things (eliminate doubt) if it was invoked. Once A50 is invoked and the 2 years (at most) has passed, then UK will have left the EU. When looking at the membership criteria for the EEA, it states members of EU or of the EFTA are eligible - neither of which the UK would be a member! So it would have ceased/be ineligible to be a member of the EEA!
Invoking Article 127, timed to concide to leaving the EU, would simply be the confirmation of departure from EEA.
Much ado about nothing imo!
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