EU 'weakened' as global superpower after Brexit claims Buiter
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Economist Professor Willem Buiter argued that Brexit had significantly weakened the European Union. While speaking in a roundtable discussion on Narcissi’s Youtube Channel, Professor Buiter highlighted some of the constraints the EU has faced regarding becoming a superpower. He insisted that even with Britain, the EU was unable to sufficiently manage its single market.
He noted post-Brexit the EU would have to find a way to have an adequate 27-nation single economy rather than individual ones.
Professor Buiter said: “There is no doubt that Brexit has weakened the European Union.
“The EU was always the poor global superpower because of its failure to establish a proper internal market even with the UK as a member.
“The EU is still very far from having a single 27 country European economy.
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“We still have 27 national economies coexisting awkwardly.
“There is no doubt that it has been diminished by the UK’s departure.
“Unless the EU takes steps to deepen its internal integration among the remaining 27 member states, it will be a diminished global power.
“This will mean it is even further away from being a global superpower.”
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Following Britain’s departure from the EU, tensions have begun to rise in Europe regarding the possibility of other nations following suit.
Dutch diplomat and Minister for Foreign Trade and Development Cooperation, Sigrid Kaag, demanded member states realise the importance of the EU despite Brexit.
While speaking for think tank Centre for European Reform in a webinar, she warned member states that there were more threats outside of the union.
Ms Kaag said: “The message is not heard.
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“A stronger and more unified Europe is extremely important.
“As I mentioned before, I truly hope that most other countries may have been dreaming of their own Brexit, whatever letter of the country comes ahead of exit.
“I hope they have seen the reality of what it means to be on your own, in a global world, where competition is tough and the threats are even bigger.
“Europe is not only a moral imperative but it is a smart choice and we need to make it work”
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