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Brexit might destabilize the global system

First published: Nikkei Asian Review, 9/06/2016

With less than three weeks to go before the U.K. referendum on European Union membership on June 23, the arguments between the protagonists are becoming increasingly feisty. U.K. voters may be tiring of endless claims and counter-claims from the Remain and Leave camps, but the EU membership issue is proving more important and divisive than any national election.

It is noteworthy that established institutions have also weighed in to the debate, mostly to warn about how a “Brexit” might damage the U.K. and the global economy. At home, the U.K. Treasury, the Bank of England, and local think tanks such as the National Institute of Economic and Social Research and the Institute for Fiscal Studies have spoken out. Outside the U.K., global institutions including the International Monetary Fund, the Organization for Economic Co-operation and Development, the World Trade Organization, the leaders of the G20 and G7 groups of large economies and the European Central Bank have also warned of adverse consequences….Read more: