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Brexit Dilemma for the UK and the European Union: Expectations, Feared Scenarios, and Possible Effects
Abstract
On June 23, 2016, a referendum took place in the UK with 51.89% of voters voting in favor of the UK's exit from the EU. On March 29, 2017, British Prime Minister Theresa May formally notified the European Council of the intention of the UK to leave the EU in accordance with Article 50 of the EU Treaty. With this declaration of withdrawal, a period of two years contractually stipulated under Article 50 of the EU Treaty for the UK and the other EU-27 states has begun to negotiate an agreement on the details of withdrawal. But it was clear the negotiation process would be difficult because it is expected the UK leaving the EU will have negative effects on both. The postponement of the period of Brexit, which should have been officially realized on March 29, 2019, indicates that both parties want to avoid the unintentional Brexit. This chapter details the Brexit process. The possible effects of Brexit on both sides are investigated and different expectations of the parties from the Brexit process are explained.
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