Expert: Brexit is a time bomb for the EU - COMMENT

Baku. 24 June. REPORT.AZ/ British exit from the European Union could serve as a chain reaction, as eurosceptics in some EU countries can play on the contradictions. 

Report was told by researcher of the Center for Central Asia and Caucasus Studies, Institute of Oriental Studies, Russian Academy of Sciences Stanislav Pritchin commenting on the possible consequences of British exit (Brexit) from the European Union.

"There are two very important aspects - political and economic consequences. In fact, the political is more of an ideological nature, because the state decides to exit from the European Union at the national level. Prior to that, there was no such thing", said S. Pritchin. According to the expert, the EU was on its way to the expansion, and it was strange to expect a similar move by the UK, which has a special status in the union has its own currency, its benefits, its concessions in many positions in contrast to a number of EU countries.

"From the logical point of view, British claims to the union are not entirely clear to all other EU member states", said the researcher.

In his view, the UK's exit can serve as a chain reaction to other EU countries: "This topic could become mainstream for many political regimes in the first place, perhaps the Netherlands, where Eurosceptics are strong enough. It's kind of a time bomb", the analyst says.

He stressed that at the moment it is unclear how the procedure of UK's exit will be decided, how much time it will take, how the final out of the Schengen area will be implemented. During the existence of the European Union for 50 years, huge and complex agreements were accumulated. Which of them the UK will leave?! This is completely uncertain", the analyst said.

"I do not believe that the United Kingdom would agree to withdraw from all of these agreements in the EU, because it was a direct participant in all of these negotiations. In fact, the consequences can be catastrophic, particularly for the UK itself", expressed doubts S. Pritchin.

Speaking about the UK economic consequences of EU withdrawal, he said that uncertainty on global financial markets will continue as long as procedures for the exit will continue.

"Given that this is one of the largest stock exchanges to attract finance, which are actively used by European and global companies, it is not clear how much London will now be attractive for the EU as a financial center and for European companies.

For as reason financial sector and entrepreneurs actively advocated for not leaving the union, because they are very clearly understand that they have something to lose in the event of the UK as the EU's largest financial center.

Speaking about the future of the Union, he noted that the issue of its expansion is also a big question.

"Those achievements, which there are today in the framework of the Eastern Partnership, association agreements remain, but it would be wrong to rely on the fact that there will be some active movement in this direction in next five years", he concluded.