MAF306 International Finance and Investment - Impact of BREXIT on UK & EU
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Added on 2019-10-31
MAF306 International Finance and Investment - Impact of BREXIT on UK & EU
Added on 2019-10-31
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Running head: IMPACT OF BREXIT ON UK & EUIMPACT OF BREXIT ON UK & EUName of Student:Name of University:Author Note:
1IMPACT OF BREXIT ON UK & EUEXIT PROCESS OF EU:For any countries to leave the European Union, it has to undergo a process maintaininglegal and political requirements. The membership under the union is subject to specific law andone such law included in Article 50 provides right to the member countries to leave such unionanytime. This article under the Treaty of European Union empowers members to withdraw itsmembership following legal process abiding by the constitutional requirements (Kierzenkowskiet al. 2016). A country willing to leave, first has to give notice of its intention to leave to theEuropean Council in order to initiate the procedure of withdrawal agreement to be generated andnegotiated between EU and the nation. Since the day agreement is signed, all the existing treatiesof EU become no longer applicable to the country decided to exit. The withdrawal agreementnegotiation involves a time of 2 years, which is known as sunset period. The Council makesbrings forth the conclusion to the agreement on behalf of the Union. The conclusive agreementspecifies the post exit relationship between EU and the nation withdrawing from it. Thenegotiations are made following the article 218(3) under the Treaty on the Functioning ofEurope (Wadsworth et al. 2016). On receiving the consent from the Parliament of Europe,Council approves the agreement following the action of qualified majority.BREXIT IMPACT ON UK & EU:The former Prime Minister of the Britain David Cameron being in favor of continuingmembership with the EU, apprehended an economic crisis in the post-Brexit UK. After thereferendum came into operation, the national currency pound steeply slumped and remained 10%lower than dollar and almost 15% lower than euro. Immigration being the greatest reason behinddriving Brexit, are expected to remain still high even after successful exit of Britain from the
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