British people decided: it will be Brexit. But the result is uneven in different regions, as Scots and Northern Irish voted to remain. The desire for independence in Scotland might hence revive again and call for a referendum, while Northern Ireland might push for the reunification with Ireland. In practice, Scottish and Irish would vote again to stay in Europe.

What happens next? The effects of the vote are already apparent, as the pound is depreciating and stock exchanges are enduring severe reductions in share prices. In medium term, also a reduction of GDP is expected.

The murder of Jo Cox  had no influence on British voters, who casted a victory for the independent and eurosceptic Ukip Party, lead by Nigel Farage.

Now, the results of the Brexit referendum will widespread in other European countries. What will be the next country to leave the European Union? And what will be the first country to leave the euro zone?

Marion Le Pen, member of the Front National, the French right-wing party against the European Union, has already proposed a Referendum on Frexit, while Geert Wilders, leader of the anti-Europe, anti-Islam Freedom party, has called for The Netherlands to also hold a referendum on EU membership.

Italy also has eurosceptic movements, such as  Beppe Grillo’s Five Stars Movement, favourable to a referendum to leave the euro zone and not to pay interests on public debt.

Even if 100 years passed, Europe seems now back to how it was on the eve of World War I, with national currencies and competitive devaluation.

The taboo of leaving the EU is broken. The wind of euroscepticism, distrustful of the Central Bank, the European Commission and all other bureaucratic institutions, has blown for too long and now the Union led by Eurocrates such as Mario Monti, Mario Draghi, Wolfgang Schäuble, and Angela Merkel has lost.

People have decided to take power again, assert their sovereignty and their right to decide their own destiny. Europe’s ancien régime of the conservative and Socialists parties is crumbling. What will remain of the European Union at the end? Maybe Germany alone, with its euro increasingly similar to the mark.

Britain has the advantage of not having a huge public debt, while EU Mediterranean States do have it. This would be the reason for their struggles to stay inside the euro, even at the price of enormous sacrifices as in Greece. However, Mediterranean people might decided to stop answering diktats and get back to the well-known liberal principle of “no taxation without representation.”

Massimo Turci

For more information on the Brexit consequences, click  here.