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Brexit: Challenges For Europe

Author

Listed:
  • MIKLÓS SOMAI

    (Research Group on European Integration, Centre for Economic and Regional Studies of Hungarian Academy of Sciences, Institute of World Economics, Budapest)

Abstract

Brexit poses two main challenges for the EU: an immediate challenge, and a longer-term one. The immediate challenge concerns whether the Article 50 negotiations will lead to the signing of an agreement on a mutually acceptable basis, as a cliff edge scenario would cause enormous immediate damage to sectors exposed to international co-operation both in the EU and the UK. In the longer term, Brexit would inevitably force the EU to face a fundamental choice between pursuing further and deeper integration or putting it on hold, or even reversing it in certain areas. Since negotiations on the future relationship between the UK and the EU and those on the EU’s next multiannual financial framework (i.e. the so-called MFF 2021-2027) are overlapping, this paper aims at casting a light on the interlinkage of these two processes and on the interests that lie behind them.

Suggested Citation

  • Miklós Somai, 2018. "Brexit: Challenges For Europe," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 6(2), pages 119-128, December.
    • Handle: RePEc:ntu:ntugeo:vol6-iss2-18-119
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