Brexit and the Status of French
For the immediate present Brexit might seem like a hasty misstep on the part of Britain, but it would do well in the long run with over 7% of growth rate when compared with 1% growth rate in Eurozone. This is even more apparent with an impending recession looming over the Eurozone in the next decade. Therefore, for now Britain has done well for itself rescuing itself from being dragged down by the rest of the Euro zone.
European Union (EU) is an illustrative case for how fragile a geo-economic union could be without political union. The EU is wrought with problem right from its inception. The mainstream media is treating it as a major calamity and a political fall out for the Eurozone and the rest of the world. In reality it is neither. The EU is neither a political entity nor a geographical entity. The EU is only an imaginary entity with basic economic union, bound by rules of economic cooperation. The EU is too expensive to run and its design runs the risk of not yielding satisfactory results for any individual country. The whole might look well, but each of its parts are dragging themselves.
As Britain leaves EU it is going to be more expensive for other members to stay in the union, especially for large countries on the continent such as France. As Eurozone is only growing at 1% annual growth rate, it is going to be more a baggage for economies of countries such as French than an advantage.
The EU is great for smaller and ailing economies like Greece, but expensive and unwieldy for healthy economies like France. Therefore it is time for each of the Euro countries to take a longer look at the union and take a decision on their staying or leaving the union.
