In the year of the harshest American elections in US history and in contrast to the overestimation of the participation of the generations most interested in a close link with the EU, the British have decided to leave the European Union. And it is of little use to collect a ridiculous number of signatures to put pressure on the British Parliament, because the No to the European Union does not allow the founding members to make discounts or meet late repentance so as not to jeopardize the community system.
Now that the British are realizing what it means to leave Casa Europa, we can only smile in front of the Cornwall Council, which after having received over 2007 million euros of European funds in the period from 2013 to 650 as an economically depressed area, voted against the EU with 56,5% and is asking the Government for urgent intervention.
On the other hand Scotland voted 62% to stay in the EU and can't wait to either replace the City after an independence referendum or block the parliamentary vote, thus offering itself as a financial hub and therefore offering a solution to the loss of passporting rights related to financial services and products, but not only. Already from the first statements, Germany has shown itself in favor of the Scottish theses for a membership divided from Great Britain.
As repeatedly underlined by Brexit, Britain is the loser on all levels: commercial, economic, and financial. For the British, a downward realignment of wages and prices in general will be inevitable, especially of the real estate market, which will undergo a drastic correction due to the flight of banks and corporates.
British pressures on one foreign policy pro-American and pro-Arab will finally loosen up and this too will contribute to leaving the EU free hands to rethink the framework of Community policies without a third wheel.
Meanwhile, Russia and China are rejoicing over Brexit on the historic day of the first annual meeting of the AIIB multilateral bank, strongly desired by the Chinese and which has begun to operate at full speed including European countries but without Americans and Canadians.
for English banks a difficult period has begun to the advantage of the European and US markets, above all after US banks have passed the stress tests unscathed and the rating agencies have threatened a drastic reduction in creditworthiness after the change in the outlook to negative.
Yeah, the investor flight and therefore the repatriation of portfolio flows could only be the prologue of further capital outflows which would hinder the Central Bank's attempts to defend the pound and the domestic market from speculative attacks. A negative spiral that could create major problems, together with the drastic reduction in GDP also feared by the International Monetary Fund.
Now the word of this intricate affair passes to Westminster Parliament, which will also have to discuss the motion raised by the collection of signatures and decide on the implementation of art. 50, which foresees the withdrawal as voluntary and unilateral, and therefore sees the European institutions waiting for the British political tactics.
While waiting for the decisions of the British, there will be a saving rethink by the founders of the EU on more accommodating policies, to avoid the domino effect of nationalist referendums and create a more competitive and attractive European hub from a fiscal and regulatory point of view without the continuous obstacles posed by a member who has made the IN/OUT option an opportunistic weapon.
And a more careful reflection on the images of the new Panama Canal he Italian signature would lead us to evaluate at a time like this how our manufacturing excellence deserves a more fiscally and structurally facilitated environment, perhaps even to wink at the multinationals in a state of confusion after this chaotic referendum.
