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Brexit is result of inconsistent EU policy: Slovak expert

Xinhua, June 25, 2016 Adjust font size:

Brexit is a result of inconsistent policy of the European Union (EU) that failed to respond to everyday needs of people and to send sufficient development signals for economies and competitiveness of individual member states, said a Slovak expert.

Slovak Chamber of Commerce and Industry President and head of the World Chambers Federation Peter Mihok made the remarks on Saturday.

"Concerning economic impacts of Brexit, I do not expect any major problems, since I suppose that an agreement will be achieved between the EU and Great Britain on creation of the joint economic space, similar to the one with Switzerland or Norway that enjoy all the economic benefits of a EU member country, but do not participate in political decision-making of the Union," stressed Mihok.

Mihok expects Brexit to have minimal direct impacts on Slovakia. However, indirect impacts might occur in cooperation between Slovak firms and firms from the big EU countries like Germany, France or Italy that might get in trouble while implementing their interests on the UK market.

"The European Union will definitely become weaker as a result of Brexit, since it is losing one of its key countries in terms of economic performance, external economic relations, investments and international financial relations," added Mihok.

Britain voted to leave the EU with 51.9 percent supporting the move in a historic referendum on Thursday. Endit