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To BREXIT or not to BREXIT? This is the (only) question?

Cristian Paun () and Ștefan Ungureanu ()
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Ștefan Ungureanu: Bucharest University of Economic Studies

Review of Social and Economic Issues, 2017, vol. 1, issue 4, 22-43

Abstract: The historical decision of United Kingdom to exit from European Union (called BREXIT) expressed by a representative national referendum started to produce economic effects. The future of Europe is significantly changing now. The hard negotiations between United Kingdom and European Union could be a sign for other Eurosceptic countries. The future of European Union project is uncertain now. The BREXIT should be a clear sign for European Union for a strong and extended reform. United Kingdom is more important for EU than the opposite. This potential separation is a clear loss for the whole integration project. United Kingdom hardly pleaded for reforms for many years. United Kingdom is one of the most developed, freest and competitive nation of the world. United Kingdom is more liberal and market oriented than many countries of European Union. United Kingdom has one of the most developed capital market and the biggest FOREX market of the world. The BREXIT offers now limited options for both sides, including the option to do not exit from European Union. This paper analysis the causes that led to BREXIT and potential economic effects for both sides, including the case of Romania.

Keywords: European Union; custom union; free trade area; political union; economic freedoms (search for similar items in EconPapers)
Date: 2017
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