Brexit Update: France And Britain Agree, Find ‘Firm Basis’ For European Union Renegotiation Agreement

British Prime Minister David Cameron and French President François Hollande reached consensus Monday on draft proposals for a potential European Union deal that could be agreed to this week, a source within the British executive branch told Agence France-Presse.

The agreement provides a “firm basis” for a deal when the EU considers it this week, the source said.

“They agreed that we are making good progress on the U.K. renegotiation and that the draft text from the European Council provides a firm basis to reach agreement at this week's summit,” the spokesperson said.

That assurance came just hours after a representative of Hollande indicated the French president thinks there is still work to be done before a deal is reached. Talks are are underway with the hopes of convincing Britain to stay in the 28-nation European Union. British voters are expected to consider a referendum on the matter this year.

Britain hopes to ensure through the negotiations that it will never have to adopt the euro, the European common currency. Britain has kept its national currency since joining the EU because it has historically been a stronger form of cash. France and the rest of the EU hope to impose stricter economic rules on the British and limit Britain's role in eurozone decision-making, Reuters reported.

The push for Britain to leave the European Union has been gaining steam for quite some time, and the possibility that people will vote in favor of a so-called Brexit (a British exit) seems increasingly likely. The movement is fueled by a number of issues, most notably monetary benefits for migrants and perceived bureaucratic inadequacy within the EU.