An Accidental Brexit: Destabilization of Europe and Weakening Multilateralism

Wed, Mar 7, 2018, 12:15 pm
Location: 
Robertson 023
Audience: 
Princeton University faculty, staff, and students

Paul J.J. Welfens is Jean Monnet Professor for European Economic Integration, Chair for Macroeconomics at the Schumpeter School of Business and Economics, and President of the European Institute for International Economic Relations at the University of Wuppertal, Germany. He is Research Fellow at IZA, Germany, and Non-Resident Senior Research Fellow at AICGS/John Hopkins University, USA.

  His most recent book. "An Accidental Brexit", analyzes how the EU referendum in the United Kingdom came to pass and what the foreseeable consequences are for the UK, Europe, US and world economy. The Brexit decision represents a momentous event for Europe, which weakens the EU and shifts the global balance of power. Welfens argues the EU has lost its appeal and is not in keeping with the twenty-first century, which is being shaped by Asia and digital innovations. The subject of immigration from EU countries played a key role in the Brexit decision, with an anti-EU campaign that was profoundly biased. The estimated impact of the referendum was deeply distorted by the broadly inadequate information produced by the Cameron government, which omitted the expected 10 percent loss in income caused by leaving the EU. With this this information, there could have been a clear pro-EU majority. In the absence of a second referendum, one cannot know what the British electorate really wants. Both the Brexit decision and new President of the United States Donald Trump's approach to European disintegration dynamics also raise serious questions about the future of transatlantic relations.

Lunch will be served on a first come first serve basis.

Organized by the EU Program, co-sponsored by the Program in Contemporary European Politics and Society, the Julis-Rabinowitz Center for Public Policy and Finance and The Seeger Center for Hellenic Studies, with the support of The Paul Sarbanes '54 Fund for Hellenism and Public Service

 

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