CONTINENTAL DRIFT: TRACING THE “WHY” OF BREXIT IN THE HISTORY OF EUROPEAN INTEGRATION
Keywords:
European Union, European Integration, Recession Financial Performance, BrexitAbstract
Abstract
For the United Kingdom (UK), the rationale for the decision to exit the European Union (EU) may be found in UK’s historic rivalry with European powers, Britain’s fatigue after having contributed towards the process of European integration for seven decades, and the urgent economic reasons that have overtaken the post World War II historical causes. This article examines and compares all three perspectives that may explain the phenomenon of the Continental Drift to find a compelling rationale for Brexit Viz. relatively weaker financial performance of Britain vis-à-vis some of the European partners. Imprudent lending compounded by increasing taxation to bail out ailing sectors of the British economy, led to poor financial performance as compared to Germany and France, during the critical years of recession from 2008 to 2010. The crisis worsened because of an imbalance in the net migration within the EU. The migration-related issues embittered the British voters as shown in Brexit polls’ results.
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