Can Brexit Lead to Further Integration? The Case of Economic and Monetary Union. College of Europe Policy Brief #6.17, June 2017

Chang, Michele (2017) Can Brexit Lead to Further Integration? The Case of Economic and Monetary Union. College of Europe Policy Brief #6.17, June 2017. [Policy Paper]

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Abstract

Executive Summary > Although the United Kingdom obtained an optout from Economic and Monetary Union (EMU), its departure from the European Union (EU) will have important effects on EMU’s development. > These effects will be felt through three primary channels: > First, Brexit will create more pressure on the euro-outs to adopt the euro; > Second, it will alter existing alliances within the EU that by extension will affect the trajectory of euro area integration; > Finally, EU legislative reforms post-Brexit open up windows of opportunity to make the euro area more robust.

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