Brexit and EMU: from EMU Outsider to Instigator

Michele Chang
CSF-SSSUP Working Paper No 4/2017

Although the UK never adopted the euro as its currency, it did influence the development of Economic and Monetary Union (EMU) and its departure from the EU will have significant consequences for the euro area. First, Brexit will affect the EU economy, placing pressure on the EU budget. This could lead to reforms resulting in an embryonic EU budget. Second, it will alter existing alliances within the EU. The divide between the euro-ins and euro-outs will become larger, and Germany’s leadership of the EU will be consolidated. Finally, it will shift the EU’s political resources as its deals with the consequences of Brexit. Indeed, certain actors have already advocated for reforms of financial legislation in anticipation of Brexit.

Keywords: Brexit, EMU, European Union

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