Time to see Brexit as opportunities for EU: German expert

Source: Xinhua| 2019-10-31 22:23:33|Editor: xuxin
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FRANKFURT, Oct. 31 (Xinhua) -- European Union member states should begin seeing Brexit as a chance to achieve internal goals and reinforce cohesion, Christoph Schalast, professor at the Frankfurt School of Finance and Management, told Xinhua recently.

Within the media landscape of EU member states, Brexit is mainly being discussed out of a primarily negative perspective, Schalast said. "On the opposite, lots of opportunities arise because of Brexit," he said.

Schalast said the remaining 27 member states have been seen reinforcing their cohesion, citing the example of the European Banking Union, which has been actively carried forward.

"In my opinion we should begin seeing Brexit as a chance to achieve our internal goals and stop mourning the UK's exit out of the EU," said the German professor with specialization in European Law.

Following confirmation of the Brexit delay to Jan. 31 by the European Council, Britain's House of Commons voted on Tuesday for a snap general election on Dec. 12.

Schalast said that it is still questionable if a deal or no deal Brexit is going to take place, and the subsequent economic impact is hard to predict at the moment.

Even if "for whatever reasons the UK would turn back on its decision and express their wish to remain an EU member state," the EU should continue on its set course, he said.

On the other hand, some of the impact of the imminent Brexit is already being felt, as many financial institutions shifted their European headquarters to continental European cities.

Schalast noted that Frankfurt seems to be the big benefiter of the Brexit-related financial landscape adjustment, citing data from a study recently published by German bank Helaba.

The study found that 31 foreign Brexit banks from 14 countries and regions have chosen Frankfurt, and in comparison, 11 chose Paris, nine Dublin, eight Luxembourg and five Amsterdam, Schalast said.

The study also predicted a Brexit-related employment increase in Frankfurt of about 3,500 jobs by the end of 2021.