Question

Since the UK voted to leave the European Union in 2016, there is concern among some that other countries may follow them. Is the European Union beneficial for all of its members, and are there solid reasons for member nations to withdraw? Explain.

Answer 1

European union was created to enhance economic and non-economic benefits to all member countries. for few years , it indeed increased well being of region, but it did not benefit equally to all. Few suffered due to unequal economic development of member countries:

• Free flow of human resource caused problem for few countries such as UK. Wage rate fell in UK due to rise in immigration. Thus, people began to object UK association with EU.
• Next, member countries are not able use foreign policies or exchange rate policies to solve their domestic issues such debt crisis. Greece became victim and could address its issue through independent policies.