So Great Britain has withdrawn from the European Union, David Cameron will resign by October, and stocks tumbled. I have no opinion right now, just some questions, as I'm just now hearing about it.
First, is this really an earth-shattering event? What changes?
In principle, nothing changes immediately. Britons remain EU citizens and business continues as before. In practice, many believe trade, investment and political decisions will quickly anticipate British departure from the bloc. The EU could also face a Britain breaking apart as europhile Scots plan another push for independence and seek to join the EU on their own.
EU leaders and the heads of EU institutions in Brussels have delivered statements that broadly stress a mantra of Three Rs: Regret - at losing nearly a fifth of the EU economy and more of its military and global clout; Respect - for the will of the British people; and Resolve - to keep the other 27 together. They also reminded Britain that it remains a full member for the time being, with all the rights and obligations that entails.
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