Brexit: Issues, Challenges and Prospects

Abstract

The European Union (EU) is the world’s largest and most successful example of regional economic and political integration. With elaborate political institutions like the EU Commission, Court of Justice and Parliament, it reveals itself as the most supranational unifying institution in history. By this level of integration, the EU is on its way to fulfilling the mega federal idea of its founding fathers couched in the Europeanization policy. Economically, the EU is the largest single 500 million Euro citizen market with free flow of goods, services and capital. Despite the laudable achievements of the Union represented by its eastward expansion, the successful creation of the Eurozone and the accompanying booming prosperity rather have resurrected the xenophobic fears and deadly nationalism buried with World War II. Anti-globalizers and the old in the United Kingdom voted to take control of British borders and market in order to recover their lost prosperity exemplified by available jobs being grabbed by immigrants. The Brexit, an anti-immigration reactionary move is a grave national error and only dexterous negotiations with the EU will save Britain from its unfounded fears and the repercussion that Brexit stands to spring.