The Irresistible Temptation of Brexit and its Foreseeable Tragic Ending
Kim, Heungchong | June 2016
After several years of the hustle and bustle with Greece, Europe came back to the world stage in the spotlight with Brexit - the UK’s Referendum on the British Exit from the EU. On the 23rd of June, UK citizens will decide their destiny, of whether they remain in the EU or leave it. Recent opinion polls show a close race, with a slight inclination toward “remain”, but nobody can easily forecast what the final results will be. It is not news that the UK holds a fundamental skepticism on the European integration. Stemming from her major role in balancing power within Europe since the medieval times, the British Empire's memories from the 19th and 20th centuries left a significant legacy well remembered in modern times. The uniqueness of the transatlantic relationship with the United States has strengthened the UK’s mindset of “independence from Europe.” Her trade dependence on the community has remained near 50%, which is among the lowest, together with Greece, of EU member states. The UK’s FDI attraction from outside of the EU is roughly three-fold of that of Germany or France, which makes the UK seem much more independent from Europe in comparison.
CitationKim, Heungchong. 2016. The Irresistible Temptation of Brexit and its Foreseeable Tragic Ending. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/10543.
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