The European Union (EU) was established in 1993 with the intent of uniting countries in the European region of the world under a single, unified governing body. The EU provides members with access to a common market, which allows for the free movement of goods, services, and people; its citizens enjoy the relative benefits of a common currency, shared diplomatic representation, and low unemployment an increasingly mobile Europe.
However, in 2016 a referendum was held in the United Kingdom in which the majority of the public voted to leave the European Union. This “Brexit” process was scheduled to be completed by March 29, 2019. Now that this process has been initiated, the future of the European Union has been called into question, with some seeing a potential collapse of the political and economic block. In this article, we will examine the impact of Brexit on the future of the EU, how it could affect the economic and political landscape of Europe, and the potential implications for citizens of the EU member states.
What Is Brexit and How Will It Impact the Future of the European Union?
Brexit is the popular nickname for the UK’s withdrawal from the European Union. The idea first originated in 2016 when a referendum was held in the UK and the majority of voters (52%) chose to leave the EU. After a prolonged period of negotiation, the UK’s exit from the EU will be finalized on March 29, 2019.
Brexit has the potential to have wide-reaching impacts on the future of the European Union, and its impact will depend on how the remaining EU countries respond to the UK’s departure. There are numerous factors to consider, such as the EU’s ability to continue functioning without the UK’s considerable economic and political influence, the potential decline in trade between EU member states, and the new immigration policies proposed for citizens of the UK living in the EU.
How Could Brexit Impact the Economic and Political Landscape of Europe?
Brexit could have significant economic and political implications for Europe. Among these, the most notable consequences include:
1.Economic Distress: The UK is the third largest contributor to the EU budget, and its departure could result in an economic gap that will be hard to fill. Additionally, trade between the EU and the UK could suffer following Brexit, which could further lead to economic distress.
2.Political Instability: The continued unity of the European Union is hugely reliant on the economic prosperity of its member states. Without the UK’s economy, there is a real risk that the political stability of the Union will be in question. This could potentially lead to further fragmentation of the bloc, as well as issues such as nationalistic policies, tariffs, and trade wars.
3.Immigration Changes: The UK may also be required to implement new immigration policies that restrict the rights of citizens of the EU who wish to reside in the UK. This could lead to a huge shift in the current dynamic between the UK and the EU, as well as an influx of immigration to other EU countries.
How Could Brexit Impact EU Citizens?
The economic and political consequences of Brexit will inevitably have a huge impact on EU citizens. The following are some potential changes that might be faced by those living in the EU following the Brexit process:
1.Increase in Cost of Living: Prices could rise in the EU due to the disruption of trade with the UK, and the potential changes in taxation or tariffs. This could lead to an increase in the cost of living for EU citizens.
2.Legislative Changes: EU citizens could also see changes in legislation across the bloc due to the UK’s absence from the EU’s decision-making process. This could result in changes to existing laws concerning social issues, taxes, and environmental protection, among other areas.
3.Limitations on Freedom of Movement: Due to the UK’s withdrawal from the EU’s free movement policy, EU citizens may now face restrictions when travelling to the UK. This could lead to a disruption in travel between the two regions, as well as additional costs for those travelling across EU borders.
The future of the European Union following Brexit is uncertain, and the effects of the UK’s withdrawal will continue to be felt long after its completion. The economic and political implications of Brexit are far-reaching, and the current and future generations of EU citizens should be prepared to face the potential consequences. However, the EU continues to remain a powerful block in world politics and economics, and the hope is that it can weather the storm of the UK’s withdrawal and eventually emerge even stronger and more unified than ever before.
