Newswise — Experts in finance, European politics and history from Cornell University react to the U.K.’s vote to withdraw from the European Union.
Barry Strauss: Brexit will be a textbook case for years to come of how leadership makes the difference
Strauss is an expert on global history, government and conflict, and chair of the department of history at Cornell University.
Bio: http://history.arts.cornell.edu/faculty-department-strauss.php
Strauss says:
“Brexit will be a textbook case for years to come of how leadership makes the difference. British Prime Minister David Cameron conceived of the idea of a referendum, called the vote, led the campaign to remain in the EU – and failed.
“A Eurosceptic but a pragmatist, his case for staying rarely amounted to more than a lukewarm, ‘two cheers for Europe.’ Meanwhile Nigel Farage, Michael Gove, Boris Johnson and Gisela Stuart led the ‘leave’ side with all the passion and cunning of a team of Machiavellian princes.”
Mabel Berezin: Europe as we have known it is on its way out
Berezin is a professor of sociology at Cornell University and author of “Illiberal Politics in Neoliberal Times: Cultures, Security, and Populism in a New Europe” and “Europe Without Borders.”
Bio: http://www.soc.cornell.edu/people/faculty/berezin/
Berezin says:
“Until recently, Britain has managed to elude the nationalist forces that have plagued the rest of the European continent. David Cameron’s decision to put membership in EU to a popular vote was an extreme and foolish political miscalculation. Worse yet, this is the harbinger of more dissolution to come. Europe as we have known it is on its way out.”
Lourdes Casanova: Turmoil and uncertainty in currency markets
Casanova is a senior lecturer and academic director of the Emerging Markets Institute at the Johnson School of Business at Cornell University.Bio: https://www.johnson.cornell.edu/Faculty-And-Research/Profile/id/lc683
Casanova says:
“In the medium term London may lose its clout as a financial center, while pressure will shift to Frankfurt and Paris to became stronger financial centers. What is clear even at this early stage is that there will be turmoil and uncertainty. In currency markets we have already seen a flight for safe assets, such as the Swiss Franc, the Japanese Yen and gold. It is too early to say how Brexit will impact other currencies, but the downward trend of the pound is likely to continue and emerging market currencies might fall as well."
Andrew Karolyi: Britain economic net gains may be sizeable
Karolyi is a professor of finance at the Johnson Graduate School of Management, comments on Britain’s financial future.Bio: https://www.johnson.cornell.edu/Faculty-And-Research/Profile/id/gak56
Karolyi says:
“This vote will be all about the morning after. As far as Britain’s economic growth path goes, the trade-off will be between the real losses from beneficial terms of trade from being part of the EU bloc, and the potential financial gains from getting out from under burdensome market regulations and pan-EU directives.
“The net gains may very well be sizeable for an economy whose engine is 25-30 percent firing on financial cylinders.”
Cornell University has television, ISDN and dedicated Skype/Google+ Hangout studios available for media interviews.- 30 -
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