Political and Economic Impacts of Brexit on European Union

Abstract

The Brexit is a term used to explain about the withdrawal of Great Britain from the European Union. Brexit is an important political development in the recent political scenario of Europe. It has its impacts on the economic and political future of the UK and the EU. In mid of 2016, a referendum was held in the UK to decide whether they should remain in the EU or exit. The British decided in favour of exit. In this study, descriptive analysis study covers the impacts of Brexit on the EU, possible post-Brexit challenges, and way forward for the EU. The post-Brexit challenges for the EU such as rise of anti-EU political forces spreading anti-migrants' sentiments in member states and economic challenges such as Budgetary gap, impact of Brexit on the structures of the EU institutions have been observed. It has also been observed that the EU will remain stable despite of the challenges. If it deals the situation with unity and harmony among its member states, the challenges can be turned into opportunities.