There are a lot of talks among British lawmakers and public that there could be a second referendum on Britain’s membership in the European Union. Since the first one is non-binding there shouldn’t be any technical problem having a second one but that will depend a lot more on the leaders of the European Union.

As of now, it would be virtually impossible to ignore the will of majority of the people since Leave side has won. There is also no need to trigger the article 50 of the European treaty, which will trigger the exit.

Instead, it’s in everybody’s interest to have patience and wait for the initial anger phase is over. The European leaders are currently angry and frustrated over the vote and more so for the lack of clarity afterwards like who will be leading the UK or when will the exit clause be triggered.

As the dust settles down, many in Europe may feel a change in approach or some modification of the treaty isn’t bad idea at all. Ultimate purpose of the Union is to create a united Europe with closer integration but what use of is closeness, if it has fewer members. It would be premature to think that Britain will be the only one that leaves the EU. If in next year’s election in France and Netherlands, right-wing populists come to power there could be Britain style referendums, threatening the EU.  

The material has been provided by InstaForex Company – www.instaforex.com