Recession risk leaves EU acutely vulnerable to a British Brexit walk-out | WHAT REALLY HAPPENED

Recession risk leaves EU acutely vulnerable to a British Brexit walk-out

The balance of economic terror over Brexit has shifted over the last year.

The eurozone is more vulnerable to the shock of no-deal rupture on punitive Macronesque terms than it was at the point of peak hubris in December 2017, when EU negotiators set the trap of the Irish backstop.

Europe’s QE boomlet has since deflated. The underlying pathologies of monetary union are again in evidence. The bloc is stuck with a North-South chasm in competitiveness that has left a string of countries in near permanent malaise, starved of public investment and left with no way out other than internal devaluations. This has led to the Gilets Jaunes in France, and Lega-Five Star revolt in Italy.

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