EU Summit without the UK

EU leaders met in Brussels to discuss the Brexit vote

Roxana Vasile, 30.06.2016, 14:22

For the first time in 40 years EU leaders met in Brussels in the absence of a representative of the United Kingdom, announcing the “red lines” they are unwilling to cross in Brexit negotiations. Negotiations won’t start until London has invoked article 50 in the Lisbon Treaty, allowing the country to withdraw from the Union. After this moment, negotiations will be harsh, restricting Britain’s access to the single market. A large number of Europeans, including Romanians, are currently living and working in the United Kingdom, contributing to the welfare of this country. The EU has made it clear that unless Britain allows free movement of labor, its access to the single market will be banned.

Romania’s president Klaus Iohannis said our country will defend the interests of its citizens during the negotiations: “The 27 member states must emerge stronger from this challenge. I have pointed out that we need a pragmatic approach that should de-escalate the situation, allowing us to move forward. The UK will observe the free movement and the rights of European citizens and workers during this period. Prime Minister Cameron has vouched for this. Therefore, I assure the Romanian community living and working in the United Kingdom that Romania will defend their interests as a top priority”.

The Brexit scenario will also impact the EU budget. Former Finance Minister Ioana Petrescu says the UK contributed 8 billion euros to the EU budget last year alone. If the UK leaves the Union, Romania might receive less EU funds.

Ioana Petrescu also believes investment might also go down: “The Brexit is generating a great deal of uncertainty, instability and a real possibility for other countries to withdraw from the European Union. The union is facing many problems and crises, and I believe until it regains stability and credibility, investors will think twice about investing in a European Union member state”.

What changes will Brexit bring to the international context, and how will it influence the interests of Europe and Romania in particular? Only time will tell. One thing is certain: you cannot wipe Britain’s 40 years of EU membership. On the other hand, the Union must reform itself, in order to regain people’s confidence in a project that is now more than ever being challenged by nationalists and euroscepticists, pressed on by the Brexit vote.