As Europeans are returning from summer vacations, and the shock of Brexit vote has a little bit settled in people’s minds, one of the world’s top Think Tanks – Bruegel published its new proposal – Europe after Brexit: A proposal for Continental Partnership. This Proposal has been developed in a course of heated summer debates, brain storming and assessment of various possible outcomes of Brexit for all parties involved. Members of this group are top European experts, included Jean Pisani-Ferry, Commissioner General at France Stratégie, and Professor at Hertie School of Governance; Norbert Röttgen, Chairman of the Foreign Affairs Committee of the German Bundestag; André Sapir, Professor at the Université libre de Bruxelles and Senior Fellow at Bruegel; Paul Tucker, Chair of the Systemic Risk Council and a Fellow at the Harvard Kennedy School of Government; Guntram Wolff is Director of Bruegel.
For UK the authors of the proposal offer a very generous and thoughtful way of cooperation with the EU member states. At the moment UK has various scenarios of it’s’ development. What will the country choose: a complete isolation from EU and subsequent creation of new partnerships with its’ distant neighbours, will it raise trade barriers with the immediate neighbours, or something else. Anyway UK leaders have an immediate task of answering a myriad of important questions. For instance, how to avoid the recession which looks now almost inevitable after the Brexit process completion, or how to rapidly replace those business ties with EU partners that had been built for years, and other heavy and uneasy questions. The idea of creation of Continental Partnership proposed in the document in question is directed at making this troublesome process not only as painless as possible but also as beneficial as possible in the circumstances.
“The aim of this CP is to sustain deep economic integration, fully participating in goods, services, capital mobility and some temporary labour mobility, but excluding freedom of movement of workers and political integration. The CP should involve:
- Participation in a series of selected common policies consistent with access to the Single Market;
- Participation in a new CP system of inter-governmental decision making and enforcement;
- Contribution to the EU budget;
- Close cooperation on foreign policy, security and, possibly, defence matters;” (Europe after Brexit: A proposal for a continental partnership by Jean Pisano-Ferry, Norbert Rotten, André Sapir, Paul Tucker, Gun tram B. Wolff can be found on Brueghel web-site).
In our interview with Brugel Director, Guntram Wolff, Ph.D. we discuss partnership options if Bruegel Continental Partnership proposal will be accepted, the main focus is the UK Financial industry and macro-economic outlook.