Scientific Bulletin of the Odessa National Economic University 2018, 4,177-196

Open Access Article

The economic component of BREXIT: Consequences for the EU and Great Britain

Shapovalov Serhiy
Master's Degree, National University of Kyiv-Mohyla Academy,e-mail:shapovalovsergiy1@gmail.com

Velychko Diana
Master's Degree, National University of Kyiv-Mohyla Academy,e-mail:mzdiana.v@gmail.com

Cite this article:

Shapovalov, S., Velychko, D. (2018), The economic component of BREXIT: Consequences for the EU and Great Britain . Ed.: М.D. Baldzhy (ed.-in-ch.) and others [Systema pensiinoho zabezpechennia Ukrainy ta yevrointehratsiini protsesy; za red.: М. D. Baldzhy (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 4(256), pp. 177-196.

Abstract

This article examines the possible economic losses and achievements for Britain and the EU after the exit of the first mentioned from the EU; analysed their scope, possible changes in future economic policy and balance of power in the EU institutions after the United Kingdom leaves, and possibilities for future cooperation between the two sides. The reasons for the withdrawal of the UK from the EU, the short-term economic losses of the EU and Britain, caused by the economic shock and growing uncertainty, were clarified. The consequences for the EU's economic policy, such as a change in the balance of power in the EU institutions affecting the content of economic policy were identified. Two of the most likely scenarios for the UK's withdrawal from the EU - the "hard" and "soft" Brexit and their impact on the future of the UK-EU relationship and the corresponding long-term economic consequences were also highlighted.

Keywords

European Union, Great Britain, Brexit, Immigration, Common Market, Eurozone.

JEL classification: N 224

UD classification: 33.339

Лицензия Creative Commons
This work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

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