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Brexit
- 1. Prepared by Arjun Pradeepan rajagiri (RCBS)
- 2. What does Brexit mean? word that has been used as a shorthand way of saying the UK leaving the EU A referendum - a vote in which everyone (or nearly everyone) of voting age can take part - was held on 23 June, to decide whether the UK should leave or remain in the European Union. Leave won by 52% to 48%. The referendum turnout was 71.8%, with more than 30 million people voting.
- 4. Origins of European Union Background: Europe devastated by War in 1945, fears of German rearmament and militarism Spread peace in Europe Integrate elements of the European economy Free movement of capital goods and services between member states effective single market (convergence) Politico-institutional framework Economic integration
- 6. Reasons triggered BREXIT Immigration Cost of membership Net contributor Net benefiter European laws prevail over British Expansion plan of EU Migrant crisis
- 8. Benefits of being part of European union Peace and prosperity. EU account half of Uks trade. More economic growth. Development of financial sector Access to single market.
- 9. After effect No guarantee access to EEA and EFTA. Threat to “ever closer union”. EU could decide to negotiate a very unfavourable deal. Self interest between states will spoil the deal. Weakening of EU. Reduce in global growth.
- 10. Art.50 of EU Treaty gives UK two years to negotiate a withdrawal Treaty EU decides on withdrawal terms taken European Parliament to ratify terms If no agreement after two years, UK no longer bound by EU Treaties, and EU has no obligations to UK But further negotiations required to define trade relationships, both within and outside EU So what happen next for UK?
- 11. 1. Special status as half-member 2. Remain in EEA (Norway) 3. Negotiate bilateral agreements with EU (Switzerland) 4. Re-join European Free Trade Agreement (EFTA) 5. Special free trade agreement with EU 6. Customs union (Turkey) 7. WTO option Possible scenarios
- 13. THANKYOU
Editor's Notes
- The United Kingdom EC referendum of 1975, also known as the Common Market referendum and EEC membership referendum was a referendum held on 5 June 1975 in the United Kingdom to gauge support for the country's continued membership of the European Communities (EC), often known as the Common Market at the time, which it had entered in 1973 under the Conservative government of Edward Heath. Labour's manifesto for the October 1974 general election promised that the people would decide "through the ballot box"[1] whether to remain in the EEC. The electorate expressed significant support for EEC membership, with 67% in favour on a 65% turnout
- After the Second World War there was a new movement to create unity between Germany and France, which would ultimately lay the foundations for the European Union four decades later The European Union was established under its current name in 1993 following the Maastricht Treaty.Since then the community has grown in size because of the accession of new member states.The latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009. Economic and Monetary Union (EMU) represents a major step in the integration of EU economies. It involves the coordination of economic and fiscal policies, a common monetary policy, and a common currency, the euro. Whilst all 28 EU Member States take part in the economic union, some countries have taken integration further and adopted the euro. Together, these countries make up the euro area. Economic and Monetary Union means— Coordination of economic policy-making between Member StatesCoordination of fiscal policies, notably through limits on government debt and deficitAn independent monetary policy run by the European Central Bank (ECB)Single rules and supervision of financial Institutions within the euro areaThe single currency and the euro area
- The 2013 enlargement of the European Union saw Croatia join the European Union as its 28th member state on 1 July 2013.
- Because of free movement of labors between European countries. Large number of EU citizens started settling in UK which lead to un employment among native people. Uk is a net contributor to EU budget. Weekly country is contributing around 350 million pound while 160 million is again return back in the forms of subsidies and grand. European laws stands more powerful against laws passed by British parliament. EU is planning to give memberships to turkey which is in the center stage of all terrorist activities. Migrants from Syria is creating security threat.
- This means weaker economies such as Poland get more money out of the budget than countries such as the UK or Germany
- About half of UK overseas trade is conducted with the EU The EU single market allows the free movement of goods, services, capital and workers Trade negotiations with other parts of the world are conducted by the EU, not individual member states Brexit would cause an economic shock and growth would be slower As a share of exports Britain is more dependent on the rest of the EU than they are on us. UK would still have to apply EU rules to retain access to the single market London's status as a global financial center will depend on its negotiation with the EU as well as the UK's internal policies.
- There is no guarantee that uk will get access to single market which is very key when comes to successful negotiation with eu. Exit will accelerate the process of standing together against Britten. There is all chance for eu to negotiate a very unfavorable deal with UK. Self interest of other member states will spoil the deal. Britten moving out of EU weakens its economic and political power in the world stage. IMF reduced global growth forecast for 2016.
- The Treaty of Lisbon forms a constitutional basis for EU member states, which signed it in 2007. A small section of the treaty is called Article 50, which details what happens when a member leaves the group. It has never been invoked before, but it's about to be.These are the initial details:To kick off the exit process, the British government needs to formally declare its intention to withdraw and notify the European Council, the leadership body that makes political moves for the EU. Before that notification, the U.K. can still informally discuss its decision among other members.The next part of the process can take up to two years:The council, without involving the U.K., will start making concrete guidelines for negotiations to ensure there's an agreement on withdrawal arrangements. It also will decide what the U.K.'s relationship looks like with the rest of the members in the future.The European Parliament has to approve the council's agreement. The council concludes the agreement, acting by a qualified majority — at least 72 percent of Council members.The last part of Article 50 states that any member that leaves and subsequently wishes to rejoin can do so through Article 49. While the affair is ongoing, the U.K. is still affiliated with the EU. The departing state will also still be able to exercise input power on other EU acts during this limbo period, starting from its formal declaration and on to its actual withdrawal.
- Norway and the EU enjoy good and close relations, although Norway is not a member of the European Union. The Agreement on the European Economic Area (EEA) is the mainstay of our cooperation, and it ensures that Norway takes part in the EU internal market