But this is for British voters to decide, and their decision clearly depends on many factors.
We have already been on record that the risks of leaving are firmly to the downside.
Minister Schelling knows what I am talking about – we both have attended many marathon sessions of the Eurogroup. Rising to Today’s Challenges These gains are jeopardized today by the legacy of the Euro Area crisis, the record influx of refugees, and the referendum in the United Kingdom. It is often said that a united Europe only acts when it faces a crisis—and there is some truth in that.
But the Euro Area crisis was certainly different—it was more complex than anything seen before, and it exposed the limits of European policymaking and institutions.
This is not trade that would have happened anyway, or trade that has simply been diverted away from other parts of the world. has benefited from the many contributions of talented and hard-working migrants from all over the world, including the EU, while providing record-high levels of employment for all its residents. As in all countries, there are people who are struggling in this new environment, but for the majority of citizens, this has been a great success story.
The formation of the EU and the single market has been instrumental in generating And with more trade has come more investment, as the U. has become integrated into European supply chains—such as in the aerospace industry, and in factories producing cars for the whole European market. It has been said that “it takes great courage to see the world in all its tainted glory, and still to love it.” So I wish to our fellow Europeans from the United Kingdom! Policies for a Prosperous and Dynamic Europe But let us step back and focus on what needs to be done in the European Union itself.The European project has always been a factory for new ideas—a place for people to reconcile different national interests toward a common future with shared objectives, driven by goodwill and perseverance.This process has often been complicated and cumbersome.Nation states have the advantage of centralized decision making.They also have the ability to support those who are most affected, funded by taxes on everybody else—an implicit mechanism of solidarity.This is a serious challenge for the European project.It is high time to confront this negative vision with a new perspective for those citizens who feel left behind.The European Central Bank provided substantial support and applied unconventional policies.And the new Single Supervisory Mechanism was a big step toward banking union.There is a playbook for responding to an economic and financial crisis, aimed at the root causes of the crisis.The first step is to provide liquidity and restore the health of the banking system.