As the day of Brexit approaches (or not), emotions are running high. Particularly on the side of those wanting to remain in the European Union, there has been unprecedented unity and clarity in pushing for a deeper understanding of what the EU actually is.
However, this may come too late. A fundamental lack of knowledge and understanding of the EU is the root of the problems facing the UK today – not just the British government’s negotiation efforts, but also the public at large. Let’s look first at the main thing that sets the British apart from the people on the continental EU.
Brexit may be the most prominent attack on the European Union’s four freedoms, but it is by no means the only one. Subtler attacks are multiplying. If they are allowed to continue unchallenged, the EU will eventually crumble.
If Brexit does happen on March 29 this year, it will happen under the strangest possible presidency of the European Union: the Romanian presidency. While the role of president of the EU is all about openness, transparency and a love of democracy, the Romanian government seems to increase its preference for the opposites of these features.
Two years after the Brexit vote, the UK population is as divided and as shocked as it was immediately after the results were announced, if not more so. The difference is that the negative economic consequences of the vote are in sharper focus.
Continental Western Europe, and the European Union in particular, have often been criticised as stagnant bureaucracies that impede creativity and growth. The US and UK economies have been praised as the places to go for people who wanted to see their careers thrive.
It is true that the Anglo-Saxon model, with its focus on free markets, works best for entrepreneurial types – witness the absolute dominance of Silicon Valley in the world of tech, or the City of London in banking.
And yet, when it comes to developing, attracting and retaining talent, it looks like the EU — or at least Western Europe and countries associated with the EU — are still the best places.
Here’s a summary of last week’s market moving news and a look ahead to the data, events and earnings reports that are likely to move the markets in the week starting June 26, 2017.
Negotiations on Britain’s withdrawal from the European Union started in Brussels amid warnings by both Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney that a “soft” Brexit is needed in order to prevent a deep fall in living standards.