European Union Faces Another Year of Living Dangerously

By Douglas Webber – in INSEAD Knowledge.

Beware – the European Union is not set in stone. It can disintegrate.

The U.K.’s vote to leave the EU is the biggest blow in the union’s history. However, the withdrawal of the U.K. or any member is by no means its only existential threat. On a single day in July, not 10 days after the Brexit vote, Italy threatened to defy Brussels and bail out the country’s banks; the European Commission threatened to sanction Spain and Portugal for running budget deficits above EU-imposed ceilings; and France threatened to stop applying an EU directive on seconded workers …. Disintegration threatens on all sides:
-horizontal (by the withdrawal of existing members);
-sectoral (by the collapse of common policies);
-vertical (the loss of power and authority to national governments)….

Povl Tiedemann
August 2016


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