“There are two fundamental
divisions of the EU: There’s the British
view — that it’s a super free-trade zone, that it’s a destination. Whereas the Germany-France view is that it’s a
means to something else — to an ever closer union. These are fundamentally two very different
views on what the EU is about.
If the referendum [results in
the U.K. remaining in the EU], we don’t resolve these different views. It means we are going to have tensions over
and over again, because they are pursuing two different objectives, within one
institutional agreement.
So, ironically, over the
longer term, an exit may actually solve one of the basic inconsistencies of the
European Union.”
His argument is that Brexit essentially secures the future
of the EU, at short-term volatility cost. Some rogue euro sceptic? Nope.
Mohamed El-Erian is the Chief Economic Adviser to Allianz. They are one seriously big player being the
world’s largest insurance and financial services group. Incidentally, they are also the largest
company in the EU.
Somehow I think he knows what he is talking about.
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