What does it mean to leave the EU?

European Union is briefly known as the EU. This is the combination of 28 countries and was formed aiming for a politico-economic union. The members of the EU are almost located in the European region. A recent vote has rocked the EU nations. A buzzword has been created which points to the issue of leaving the EU. Actually what it refers? This is a great question for all now.

To make the issue simpler, the citizens of Britain have voted that they do not want to be part of this union anymore. They want to get free from the bonding of European Union. But if they want to get rid of the EU, there are chances that they will lose several options like they will not be a part of a single market trade which is a potential damages for the nation. Besides, earlier, the citizens of the EU countries could have moved inside the EU nations without any troubles and now if Britain gets detached from the EU, the citizens will lose the chances of free movement.

Brexit

But, if the UK government and the EU authority want to continue the relationship, they will have to rethink over the issues and set new terms for the relationship which will be considered as a new relationship. If Britain leaves the EU, it will have some immediate benefits but in the long run, there might have some detrimental impacts as well. Britain will have a saving in the cost as it would not need to contribute any longer on the EU funds or for EU budgets. But if Britain wants to export on the EU markets, it would have to pay some tariffs as the country has left the union. Besides, the investment may also slowdown to some extent as well as the other countries will be out of its reach.

What is the EU?

Basically the EU is a union of 28 countries and they share some common political and economic structures. They have a single market and also share some common laws. The formation of this union dates back to 1993. But the ancestors of the union were formed in 1951 and 1958 with the name of European Coal and Steel Community, better known as ECSC and European Economic Community which is shortly known as the EEC. Initially the members of the unions were few and Britain joined with the EEC in 1973. Britain is also considered as a founding member of the EU for its contributions during the formation of the European Union.

The majority of the member countries are inside the boundary of Europe. The estimated population is over 500 million. The member nations have formed a single market where they sell their produced within a reasonable price. Besides, they have formed a standard legal system for all the member states and the members are bound to follow the laws. The policies adopted at the EU are highly adorable. Usually the policies have been adopted for the betterment of the member states.

Generally, travelling to other countries is a bit difficult for individuals but it has been made easier for the EU member states in the EU listed countries. The citizens of the member states are able to move freely I the EU listed states. Besides, they can also export or import goods or services and sometimes capital. Some common policies are maintained inside the member states. The issues of justice and home affairs are mitigated following the rules of the EU. Moreover, the other issues like trade, commerce, regional development, agriculture etc. are also maintained through the policies. The emergence of Euro was a historical event and it was a common currency for the EU member states and was of great use to them.

Which countries are in the EU?

European Union is now a union of 28 member states. But if the UK leaves the union, the number will stand to 27.

However, the present member states are –

UK, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

What will happen now we’ve left the EU?

Well, this is in fact a troublesome issue to determine the impacts that if Britain leaves the EU then what will be the impacts. There would be several impacts on this case. Initially Britain will have some minor benefits like it will have a cost reduction and sovereignty. The citizens will have no longer to follow the EU set rules in different aspects of their life etc. But these are few benefits that Britain will have initially.

But to give up the membership of EU, Britain has to follow some specific rules and regulations. It has to launch the Article 50 which was made in the Lisbon Treaty back in 2007. In fact the Article 50 is the way that will show the guidance of leaving the group legally. This article allows the member state for two year tenure so that they could finally decide if they would stay with the union or leave. But the settlement must be done by the European Parliament.

If Britain leaves the group, the current Prime Minister, David Cameron has to step down from his position and leave the post to his successor to continue the issues. Besides, he also is eager to resign from the post and do not want to deal with the issues anymore. So, when it is about his resignation from the post of Prime Minister, several other contestants have expressed their intentions to be on that post. So, the situations may turn into hazy if the current Prime Minister resigns and a massive preparation will be needed to elect the new Prime Minister for Britain.

There have been some other detrimental impacts on the overall economy of Britain. Initially the price of the British currency has fallen to some extent and the stock market has also experienced some negative response for the votes of the British favoring the Brexit. The long term effects are negative as well.

When the country, Britain, will leave the EU, the free movement of its citizens on the other EU member states will be stopped. The British citizens will have to move on the countries following the necessary rules and policies set by the countries for the foreigners. So, when it is about travelling on the EU member states, the British people have to undergo some ‘formalities’ which they may not consider appropriate for them as once they have rules one third of the world.

Again, it would take about two years for Britain to cut the tie with the EU but by this time, Britain shall follow the rules and regulations of the EU. But Britain could not take any decision over any of the matters in this period.

Besides, the present trade and commerce will get a massive shock. When Britain will leave the EU, the other EU member states will cut their ties with it. As a result, the country will have to suffer a lot. Embargoes may also be imposed on some specific products from Britain or on overall British products. The sale of the products in the world market will be declined. Employment situation may also face some troubles and risks. Investment of EU nations will be reduced if Britain cuts the tie with the EU. The other member states will not invest on anything in the UK.

Though Britain is quitting the membership with the EU as it is unable to follow some rules and policies but some of the issues it has not considered at all. So, it is expected that as a direct result of the Brexit, the job security, social status and economic conditions of Britain may decline to a great extent. It would be difficult for the British to survive in the globalized world. In fact, in the present time, it is impossible to move alone. Living or being connected with a group is essential for a nation. But the UK is moving on a wrong direction and if they really want to get untied from the EU, it may appear as a upsetting decision for the entire nation.

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