Wednesday, July 20, 2016
Roubini: #Brexit 'The Beginning Of The End' of EU
Famed economist Nouriel Roubini warned Friday that a split between the U.K. and the European Union could accelerate a wave of independence movements across the continent, laying the groundwork for the end of the EU. “It would create a huge amount of uncertainty, about not just Britain but the future of the European Union,” Roubini said of a British exit, or Brexit, from the bloc. If Britons vote to leave the EU in the public referendum scheduled for June, Roubini told Bloomberg, “you could have the beginning of the end of the European Union.” Roubini, who earned the moniker Dr. Doom for his accurate prediction of the 2008 financial crisis, said a Brexit would catalyze other breakaway movements across Europe. Scottish separatists would gain momentum in their desire to leave the U.K., while the Catalan independence movement would press harder to split from Spain, the New York University economist predicted. A long-feared Greek exit, or Grexit, could soon follow. But even less restive states could be spurred to action, Roubini said, including nations like Sweden that are members of the EU but do not participate in the eurozone monetary union.
Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics