Secretary of the Treasury for President Clinton and the Director of the NEC for President Obama, Larry Summers, told CNBC this morning that the vote for Britain to leave the European Union is a major backwards step in European politics since World War 2.
The European Union has been the foundation of stability in Europe, which has been moving towards building cooperation and harmony among European countries over the last few decades, he argues. However, with the departure of the United Kingdom, a major country has been put that strong alliance into reverse.
Short term impact of Brexit: He told CNBC that there is a 50-50 chance that Britain will go into mild recession. As for the European Union’s economy, there will be a significant loss of confidence, which is an important variable in economics. He claims that without the British influence in Europe, it will be a less sound experiment and less robust economy.
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