UK - Brexit Good for Europe?

Arno Froese

With Britain’s economy turning downward and banks looking at other European capitals, Prime Minister May’s Brexit negotiators arrived in Brussels. The rules for leaving the EU all favor the club rather than the quitter. Meanwhile, for all May’s bluster about “no deal being better than a bad deal,” Britain relies on Europe for some 44 percent of its exports; for Europe, Britain represents just 9.5 percent. No deal would be a disaster. May’s promise of a frictionless Brexit is impossible, as the main European negotiator has correctly pointed out. Some Britons are already trying to reopen the idea of remaining in the customs union.

Most economists agree that it’s very hard for a currency union to survive without a deeper banking union and some risk-sharing through joint debt sales or a transfer union (the U.S. has both). Germans hate the idea of having to put their taxpayers on the hook to support others, but the alternative is a series of crises of confidence in less productive economies that are unable to let their currencies depreciate.

A more integrated euro zone would involve an even clearer multitrack Europe, but that too might suit the union: The outer ring of non-euro countries could perhaps eventually include a penitent Britain, the Western Balkans, and (close your eyes and dream) maybe even Turkey. The comeback by Brussels could augur a future with a more cohesive and regulated single market.

-www.bloomberg.com, 13 July 2017

Arno's commentary

The process of unity will continue regardless of stumbling stones such as Brexit. Less than a century ago, differences of opinion and political attitudes would lead to war; today, it is virtually out of the question, because—not only Europe—but also the rest of the world is interdependent. For Britain, it would be catastrophic if Europe would close its borders, as it would lose some 44% of its exports. Europe marches forward with its motto, “United in diversity,” and that according to prophetic Scripture will come out on the top, albeit only temporarily.

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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