(VOVworld) – A British exit from the EU would be damaging for both sides and for the global economy. In a BBC interview, German Finance Minister Wolfgang Schaeuble said if the UK leaves the EU years of difficult negotiations and insecurity will follow.
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| (Photo: The Telegraph) |
He said a British exit would be “poison” for British, European, and global trade. Mr. Schaeuble said that while Britain would still be able to trade with the EU after leaving, it would not have the advantage of access to a single market without accepting free movement of EU citizens or paying in to the EU’s budget. Though Britain’s exit from the EU would be a tragedy, Schaeuble said the EU would not die.
On February 29, Britain released a report on the expected impact of Britain’s exit from the EU (or “Brexit”), which stresses the Brexit would result in a decade of instability as it would take Britain a long time to re-establish trade negotiations with countries inside and outside the EU.