- Brexit damages both the UK and the EU, though it does offer some opportunities
- The EU stands to lose more, with its very existence coming into question
- This state of affairs stems from Brussels’ insistence on pushing for an ever closer union despite worries about a deficit of democracy
- Given the challenges it faces, the EU can only hold together with visionary leadership
The United Kingdom’s vote to leave the European Union has been described as a “seismic event,” partly because so few seemed to believe it was a possibility. Markets were taken aback. The Brussels establishment was shell-shocked, and even leaders of the “Leave” campaign appeared shaken. So, how bad is it?