A no-deal Brexit is no good. While a delay of the departure merely postpones the inevitable, it could afford both the United Kingdom and the European Union a bit more space to consider the weight of any decisions taken. This worthy research note from Guntram B. Wolff, Bruegel's director, advises the EU to make a no-deal exit as costly to the UK as possible while remaining flexible as to departure terms. But, he warns, failure should not be an option; there is much to do, as so much is at stake.
In this summary, you will learn
- What scenarios a post-Brexit environment could impose on the United Kingdom and the European Union,
- What the short-term and long-term effects of a no-deal outcome imply, and
- How the EU should protect its strategic interests.
About the Author
Guntram B. Wolff is the director of Bruegel, a Brussels-based think tank.