Brexit: A new referendum?
After WWII, the economy of Europe was in a shambles due to the devastation that comes with a war of such magnitude. In the wake of the war, European countries took measures to extend economic and political cooperation among themselves—an effort which resulted in the establishment of a unified organisation, called the European Economic Council or EEC. The EEC was later renamed as the European Union following the enforcement of Maastricht Treaty in 1992. Now, the EU has 28 member states. And, it has its own common currency, the euro, which some countries like the UK did not adopt.
The member states have witnessed amazing growth and prosperity under the EU. Yet, the British people have chosen to exit the EU in a referendum. Now, the two parties—the UK and the EU—are negotiating an exit deal. Theresa May, the British prime minister, recently presented a deal which was rejected by an overwhelming majority of parliamentarians.
If the UK exits the EU with no deal, it will face enormous economic and financial challenges, leaving a negative impact on its investment, GDP and employment—something that will rattle the global economy as well. Given the impasse regarding the exit deal, it's perhaps in the interest of the UK to hold a new referendum to see whether the British people still believe that leaving the EU is a good idea.
Mohammad Zonaed Emran, By email
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