Embedded below is the letter UK Prime Minister Theresa May sent to European Council President Donald Tusk initiating Article 50 and thus commencing the UK’s departure from the European Union. The final results of negotiations will have a profound impact on both the UK and continental Europe’s economies. This, of course, will impact the emerging Fintech and entrepreneurial sectors across the continent. Perhaps to the detriment of the UK.
The risk is that EU negotiators will be punitive in their actions towards the UK. This would be a myopic approach and will undermine the rest of Europe in the long run. If the EU negotiates an agreement where much of what is good about Europe remains in place – both sides will benefit. While this is a period of intense struggle as both sides posture to achieve, at times, different goals, as May says, “the task before us is momentous but it should not be above us.” This should also be an important period for the leaders of continental Europe to reflect and to better understand what compelled the UK to depart the European Union. Brexit should not just be a European divorce but also a catalyst for Europe to improve upon goals, remove what is not working and to look to the future.
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