Economic impact of Brexit on EU27

A team of economists at CEPS (Michael Emerson, Matthias Busse, Mattia Di Salvo, Daniel Gros and Jacques Pelkmans) was commissioned by the Committee on Internal Market of the European Parliament to assess the likely economic impact of Brexit on the EU27, together with some scenarios for the terms of the UK’s secession. For the EU 27, the losses were found to be virtually insignificant and hardly noticeable in the aggregate. For the UK, however, the losses could be highly significant, with various estimates running up to ten times greater as a share of GDP. The impact on some member states – in particular Ireland – and some sectors in the EU27 could be more pronounced than the average for the EU27. The report, entitled “An Assessment of the Economic Impact of Brexit on the EU27”, was presented and debated at the European Parliament on April 28th, and published both by the Parliament and CEPS. In the first two weeks since publication by CEPS, the report was downloaded 5,000 times.