Out is Out and that is what UK has chosen

The following statement has been issued by the presidents of the EU Parliament, the EU Council and the EU Commission

"In a free and democratic process, the British people have expressed their wish to leave the European Union. We regret this decision but respect it.

This is an unprecedented situation but we are united in our response. We will stand strong and uphold the EU's core values of promoting peace and the well-being of its peoples. The Union of 27 Member States will continue. The Union is the framework of our common political future. We are bound together by history, geography and common interests and will develop our cooperation on this basis. Together we will address our common challenge to generate growth, increase prosperity and ensure a safe and secure environment for our citizens. The institutions will play their full role in this endeavour.

We now expect the UK government to give effect to this decision of the British people as soon as possible, however painful that process may be. Any delay would necessarily prolong uncertainty. We have rules to deal with this in an orderly way. Article 50 of the Treaty on European Union sets out the procedure to be followed if a Member State decides to leave the EU. We stand ready to launch negotiations swiftly with the UK regarding the terms and conditions of its withdrawal from the EU. Until this process of negotiations is over, the UK remains a member of the EU, with all the rights and obligations that derive from this. According to the Treaties which the UK has ratified, EU law continues to apply to the full to and in the United Kingdom until it is no longer a Member.

As agreed, the "New Settlement for the United Kingdom within the European Union", reached at the European Council on 18-19 February 2016, will now not take effect and ceases to exist. There will be no renegotiation.

As regards the UK, we hope to have it as a close partner of the EU also in the future. We expect the UK to formulate its proposals in this respect. Any agreement, which will be concluded with the UK as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations."

This means we are expected to implement the referendum result "as soon as possible", Cameron's deal is now cancelled and a third-party agreement with UK will have to balance the respective costs and benefits as well as the interests of both EU and UK.