After World War II, the strongest countries in Europe banded together to help each other rebuild their economies and ensure that such a terrible war could never happen again. The European Union was formed, grew to have 28 members, and together they would help each other solve problems to create a fair, united and prosperous Europe.
The countries with the biggest economies, like Germany, France and the U.K., would help smaller countries suffering from hard times like Italy, Spain and Greece. There were A LOT of money problems, but people knew that they could only be solved together, not divided.
Unfortunately, the world wasn’t as optimistic and threw many problems at the EU, like the global financial crisis of 2008, mass unemployment, Greek bankruptcy and bailouts, the Russian conflict in Ukraine, and most recently, the migrant crisis from the turmoil in the Middle East. Eventually, all these problems began to add up.
The U.K., one of the leading members of the EU, has always remained economically separate, choosing to keep their valuable British pound instead of adopt the Euro. However, tired of helping out the rest of Europe, some in the U.K. called for Great Britain to exit the EU which they believe is holding them back, coining the term Brexit.
Britain became torn between older generations who wanted the U.K. to become strong like the old days while younger generations saw it was more important to stick together no matter what — many may have become confused in the debates.
In the end, a narrow 52% of Britons voted to leave the EU, turning their backs on one of the world’s most important economic alliances…
…And leaving the countries of Europe over-burdened and having to fend for themselves.
Many were shocked with the unprecedented decision as the consequences would rock the world economy.
Many also became angry as they saw the British pound plummet to a 30-year low, the fall of the Euro and stock markets around the world suffer amid the chaos.
Now younger generations are left with an unsure future that may see the disintegration of the rest of the EU and the split of Scotland, which voted to stay in the EU, from the United Kingdom.
And now the world must pick up the pieces of a fractured global economy and hope for the best.
NextShark is a leading source covering Asian American News and Asian News including business, culture, entertainment, politics, tech and lifestyle.