Tonnes of questions are being asked after Brexit, about the fate of Britain and the fate of European Union. The shock and disbelief at Brexit has been so enormous and the reaction of markets so catastrophic that at least a few of those who voted for Leave could be in regret mode and must be thinking their vote was more emotional than practical. Some of the predictions of doom and gloom in the event of Brexit are coming true – the financial markets worldwide are likely to remain in turmoil as Britain goes through the tough and complicated process of negotiating a divorce.
While Britain will be left to face the consequences of its decision, the focus is inevitably turning towards the future of European Union. There is a general consensus that Brexit has significantly weakened the European Union. Billionaire investor George Soros put it very bluntly when he said the Vote Leave makes “the disintegration of the EU practically irreversible.” But there is one way to prevent that disintegration from happening: Reforms.
The founders of the EU project will have to focus on protecting the bloc from further damage as nationalist, far-right parties in more members countries holler to follow the path of Britain. The time has come to reconstruct the EU in a way that addresses the concerns of its critics, even if that involves ceding some of the power it has accumulated over the years. The EU has been on a stubborn mission to expand and integrate and grab more power and consolidate the power it has. There is a growing hiatus between bureaucrats in Brussels and ordinary citizens that needs to be addressed immediately.
Calls for reforms are gathering momentum. Italian ministers fired the first salvo by saying that the EU must change direction or risk collapse. “The unthinkable is happening,” Finance Minister Pier Carlo Padoan said. “A double reaction to Brexit is under way, one financial, one political. The financial one, at least until now, is limited. I am more worried about the political one.” He identified three key issues which the bloc must address first: jobs, growth and immigration.
It will take some months for the full consequences of Brexit to be clear. As the Italian minister said, while the economic and financial implications will be clearly seen and felt, the political consequences will be slow and insidious. The EU officials now seem to be under the faith that it’s a British folly and others will remain. But the signals are too strong and dangerous to ignore.
Tonnes of questions are being asked after Brexit, about the fate of Britain and the fate of European Union. The shock and disbelief at Brexit has been so enormous and the reaction of markets so catastrophic that at least a few of those who voted for Leave could be in regret mode and must be thinking their vote was more emotional than practical. Some of the predictions of doom and gloom in the event of Brexit are coming true – the financial markets worldwide are likely to remain in turmoil as Britain goes through the tough and complicated process of negotiating a divorce.
While Britain will be left to face the consequences of its decision, the focus is inevitably turning towards the future of European Union. There is a general consensus that Brexit has significantly weakened the European Union. Billionaire investor George Soros put it very bluntly when he said the Vote Leave makes “the disintegration of the EU practically irreversible.” But there is one way to prevent that disintegration from happening: Reforms.
The founders of the EU project will have to focus on protecting the bloc from further damage as nationalist, far-right parties in more members countries holler to follow the path of Britain. The time has come to reconstruct the EU in a way that addresses the concerns of its critics, even if that involves ceding some of the power it has accumulated over the years. The EU has been on a stubborn mission to expand and integrate and grab more power and consolidate the power it has. There is a growing hiatus between bureaucrats in Brussels and ordinary citizens that needs to be addressed immediately.
Calls for reforms are gathering momentum. Italian ministers fired the first salvo by saying that the EU must change direction or risk collapse. “The unthinkable is happening,” Finance Minister Pier Carlo Padoan said. “A double reaction to Brexit is under way, one financial, one political. The financial one, at least until now, is limited. I am more worried about the political one.” He identified three key issues which the bloc must address first: jobs, growth and immigration.
It will take some months for the full consequences of Brexit to be clear. As the Italian minister said, while the economic and financial implications will be clearly seen and felt, the political consequences will be slow and insidious. The EU officials now seem to be under the faith that it’s a British folly and others will remain. But the signals are too strong and dangerous to ignore.
