Wednesday, April 19, 2017

Roubini : The Risk of an EU split should not be underestimated

The star economist Nouriel Roubini talks about Brexit and the economic consequences, the future of the European Union as well as trump and protectionism.

Star economist Nouriel Roubini warns against the slow-down of the EU in the face of growing populism in Europe. Only a greater Europe - supported by strong economic growth - can stop this process.

Since the Brexit vote last June, the British economy has got off quite lightly. However, there are initial signs that the economy is growing at a slower pace. To what extent the growth is going back, Roubini is concerned with the course of the negotiations on exit.

Brexit has also not had any negative impact on the European economy, as the reforms, less austerity and the unconventional monetary policy of the ECB are driving the Eurozone economy well.

However, the US economist, who was the only one to predict the financial crisis of 2008, warns that the Brexit could lead to a breakup of the EU, for example by the independence of Scotland, which could also push forward independence in Catalonia. The consequence would be a further split of the EU.

 Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

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