American Summer School Lecture: "Brexit and its Impact on the UK and Europe"

If there's one topic that basically everyone wants to know more about, it's this one. Responding to the request of our American Summer School students, course organiser Dr. Michael Flad went in-depth into the wide-reaching implications of Brexit. With experience not only at Harvard University, but also in the European Central Bank and Allianz Insurance, Dr. Flad was the right man for this lecture.

In the American Summer School, students were free to request lectures. One of their main concerns was the topic of Brexit, and Dr. Flad was given the following request: "Lecture on Brexit and its impact on the European economy. Economic integration in trade zones is something we can relate to given our North American Free Trade Agreement (NAFTA). We would like to hear how Brexit is likely to impact trade throughout Europe. We are also curious to understand something of the political implications in this season of elections throughout Europe.”

Dr. Flad held a lecture last Friday, beginning by explaining the nature and structures of the EU, from its beginnings over 70 years ago with 6 founding countries, and its five key European institutions. He then showed the development of the EU in itself, as well as the movements of trade in Europe. The main factors in this discussion are trade and FDI, the EU budget, regulations affecting labour and product marketing, immigration, wage disparity, and of course the migrant crisis.

There are many arguments for and against Brexit, but truly interesting is what is likely to happen when the cut comes and the ties that have grown between the UK and Europe, that have helped to support a union that has as its goal peace and prosperity in Europe, are severed. Interesting is, how the economic and political worlds will deal with this situation.

After the lecture, the students enjoyed a very lively discussion with Dr. Flad and Lipscombe University's Dr. Andy Borchers, asking questions and sharing their views from the American perspective.