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Around the Web: The Real Danger of Brexit
From The Economist…
THE battle is joined, at last. David Cameron has called a referendum on Britain’s membership of the European Union for June 23rd, promising to campaign hard to stay in. What began as a gambit to hold together his divided Tory party is turning into an alarmingly close contest. Betting markets put the odds that Britons opt to leave at two-to-one; some polls suggest the voters are evenly split; several cabinet ministers are campaigning for Brexit. There is a real chance that in four months’ time Britain could be casting off from Europe’s shores.
That would be grave news—and not just for Britain. A vote to leave would damage the economy, certainly in the short term and probably in the long run. (As financial markets woke up to the prospect, the pound this week fell to its lowest level against the dollar since 2009.) It would imperil Britain’s security, when threats from terrorists and foreign powers are at their most severe in years. And far from reclaiming sovereignty, Britons would be forgoing clout, by giving up membership of a powerful club whose actions they can influence better from within than without. Those outside Britain marvelling at this proposed act of self-harm should worry for themselves, too. Brexit would deal a heavy blow to Europe, a continent already on the ropes. It would uncouple the world’s fifth-largest economy from its biggest market, and unmoor the fifth-largest defence spender from its allies. Poorer, less secure and disunited, the new EU would be weaker; the West, reliant on the balancing forces of America and Europe, would be enfeebled, too.
