Past Event

Financial Times/Bruegel European Forum: Where now for the UK and the EU after the vote for Brexit?

Three months after the results of the UK referendum there is still a lot of uncertainty about the future. The Financial Times and Bruegel bring together a panel to discuss the most crucial questions.

Date: October 10, 2016, 12:30 pm Topic: Macroeconomic policy

SUMMARY

See below for video and audio recording

Lionel Barber expressed the view that the Brexit vote was not a vote against globalization in general although direction and the rhetoric in UK politics have changed dramatically against it. James Blitz argued that Brexit supporters underestimate the extent of reduction in trade a hard Brexit would entail and overestimate the degree and speed with which trade deals with third countries can compensate for it. Sylvie Goulard emphasized that any future arrangement with the UK would have to fully respect each of the four freedoms of the EU. She added that the discussion is not specific to Britain, but pertains to a more general debate about the desirable degree of openness in society. She finally wondered whether domestic policy failures and the introduction of the euro contributed to the course of events. Guntram Wolff took the view that the future deal should strike the balance between preserving favourable outcomes for the citizens and respecting each side’s political principles. He agreed on the importance of EU-UK trade for both parties, and thus spoke in favour of maintaining the deep integration of goods and services markets, while reaching a compromise on free movement of workers with the UK, outside of the EU.

In his second intervention, Lionel Barber drew the context for Theresa May’s recent speech at the Conservative Party Conference. He argued that she intended to address Brexit voters’ anxieties and pointed at her tenure as Home Secretary makes her sensitive on security and immigration. Barber concluded that, while whether globalization has peaked in Britain is an open question, certain aspects of it will not be complete. James Blitz agreed that domestic policy shortcomings contributed to the referendum result, adding that May’s post-referendum response has been to advocate a strong state to address them. The problem he sees is an intrinsic contradiction between that domestic policy vision and the strategy currently pursued, which is limiting the economic resources a strong state would require. Sylvie Goulard also supported the need for a balanced solution but insisted that supranational jurisdiction over the single market should remain a precondition for participation. Guntram Wolff, in turn, made two final points; firstly, he raised the prospect of policy dumping should the UK becomes estranged from the EU. Secondly, he argued that the depreciation of the pound should be seem as a correction, whereby the financial sector is shrinking, driving down the value of the currency and, thus, making British industry more competitive.

Event notes by Konstantinos Efstathiou

AUDIO & VIDEO RECORDINGS


Read Bruegel’s work on Brexit.

Read the Financial Times’ coverage of Brexit.

Schedule

Oct 10, 2016

12.30-13.00

Check in and lunch

13.00-13.45

Panel Discussion

Chair: Maria Demertzis, Deputy Director

Lionel Barber, Editor, Financial Times

James Blitz, Whitehall Editor, Financial Times

Sylvie Goulard, Second Deputy Governor, Banque de France

Guntram B. Wolff, Director

13.45-14.30

Audience Q&A

Chair: Maria Demertzis, Deputy Director

Speakers

Lionel Barber

Editor, Financial Times

James Blitz

Whitehall Editor, Financial Times

Maria Demertzis

Deputy Director

Sylvie Goulard

Second Deputy Governor, Banque de France

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

[email protected] +32 2 227 4212

Read about event More on this topic
 

Past Event

Past Event

Fiscal policy and rules after the pandemic

What are the possibilities for shaping the new fiscal policy?

Speakers: Zsolt Darvas, Maria Demertzis, Michel Heijdra and Katja Lautar Topic: Macroeconomic policy Date: November 24, 2021
Read about event More on this topic
 

Past Event

Past Event

Covid recovery and the green transition: What can promotional banks do?

What is the role of promotional banks in financing the green transition?

Speakers: Sophie Barbier, Maria Demertzis, Ricardo Mourinho and Lucinio Muñoz Topic: Green economy Date: November 18, 2021
Read about event
 

Past Event

Past Event

How can we create more sustainable value chains?

There is an urgent need for GVCs to become more resilient and inclusive, and meet the net-zero challenge.

Speakers: Erik Berglöf and Alicia García-Herrero Topic: Global economy and trade, Green economy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 10, 2021
Read about event More on this topic
 

Past Event

Past Event

Phasing out COVID-19 emergency support programmes: effects on productivity and financial stability

How can European countries phase out the COVID-19 support measures without having a negative impact on productivity and financial stability?

Speakers: Eric Bartelsman, Maria Demertzis, Peter Grasmann and Laurie Mayers Topic: Macroeconomic policy Date: November 9, 2021
Read about event More on this topic
 

Past Event

Past Event

European monetary policy: lessons from the past two decades

This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."

Speakers: Petra Geraats, Wolfgang Lemke, Francesco Papadia and Massimo Rostagno Topic: Macroeconomic policy Date: November 4, 2021
Read about event
 

Past Event

Past Event

Microchips and Europe's strategic autonomy

Per microchips ad strategic autonomy.

Speakers: Piotr Arak, Alicia García-Herrero, Jay Lewis, Stefan Mengel and Niclas Poitiers Topic: Digital economy and innovation, European governance Date: November 2, 2021
Read about event More on this topic
 

Past Event

Past Event

Can climate change be tackled without ditching economic growth?

What will be necessary to achieve climate goals and keep growing?

Speakers: Francesco Starace, Simone Tagliapietra and Guntram B. Wolff Topic: Green economy Date: October 28, 2021
Read about event
 

Past Event

Past Event

Monetary policy in the time of climate change

How does climate change influence monetary policy in the eurozone? What potential monetary policy measures should be taken up to address climate risks?

Speakers: Cornelia Holthausen, Jean Pisani-Ferry and Guntram B. Wolff Topic: Green economy, Macroeconomic policy Date: October 20, 2021
Read about event
 

Past Event

Past Event

A hybrid future of work

Addressing employers’ and employees’ challenges.

Speakers: Julie Brophy, Joost Korte, Laura Nurski, Renske Paans and Alex A. Saliba Topic: Digital economy and innovation, Inclusive growth Date: October 19, 2021
Read about event More on this topic
 

Past Event

Past Event

What is the link between biodiversity loss and financial instability?

Biodiversity loss impacts financial stability. How big is the risk of biodiversity loss for financial institutions?

Speakers: Sylvie Goulard, Romain Svartzman, Guntram B. Wolff and Michael Wilkins Topic: Banking and capital markets Date: October 5, 2021
Read article More on this topic More by this author
 

External Publication

Brexit and European finance: Prolonged limbo

It will take longer than many had anticipated for the dust to settle on the post-Brexit financial landscape and its respective implications for the EU and the UK.

By: Nicolas Véron Topic: Banking and capital markets Date: September 24, 2021
Read about event More on this topic
 

Past Event

Past Event

How to strike the right balance between the three pillars of the pension system?

In this event panelists will discuss the future of European pension schemes.

Speakers: Elsa Fornero, Svend E. Hougaard Jensen and Suvi-Anne Siimes Topic: Macroeconomic policy Date: September 23, 2021
Load more posts