British people have woken up to the news that their country has voted to leave the European Union. Along with this, there has been turmoil in financial markets – the pound has hit a 30-year low and the FTSE dropped more than 8%.
Though the Brexit process will probably take two years (and the UK will remain a full member of the EU in the meantime), some aspects of the decision will affect British people straight away.
According to current IMF projections, India is now the fastest growing major economy in the world. In 2016, it is expected to grow over a full percentage point faster than China. This is a remarkable turnaround by any standard and especially impressive against the backdrop of a stagnant global economy.
In the vitriolic debate over the UK’s membership of the EU, Turkey’s potential membership became one of the talking points. Prime Minister Cameron, who has advocated Turkey’s eventual membership, is likely correct in his assessment that this that if it does take place, it won’t be anytime soon.
A number of studies point to growing weakness in America’s housing market. Existing home sales grew just 1.8% in May, shy of analyst estimates. Just 5.53 million existing homes were sold in May, up slightly from April but below consensus estimates of 5.57 million units. On a year-over-year basis, existing home sales rose 4.5%.
The UK’s referendum is underway. The capital markets are continuing the move that began last week with the murder of UK MP Cox. The tragedy seemed to mark a shift in investor sentiment. Sterling bottomed on June 17 just ahead of $1.40. Earlier today in Asia, after more polls showed a move toward remain, sterling rallied to almost $1.4845, its highest level since last December.
British voters head to the polls this week to decide whether to “remain” in the European Union or “leave” it. The most recent surveys suggest the outcome is too close to call, with those favoring an exit holding a slight lead and many undecided.
In economic terms, the federal system was created with the intention of maximising economies of scale, while still providing public services to cater to people’s divergent preferences. However, there is more to federalism than just the economics.
In political terms, federalism involves building a strong national polity by combining sub-national entities and, in emotional terms, federalism provides a national bond while permitting multiple local identities to be retained.
Religious identity and gender relations are integral to women’s experiences of citizenship in Indonesia. While around 88 percent of Indonesia’s population is Muslim, it is emphatically not an Islamic state, in which state law and Islamic law are coterminous. So what is the relationship of religion to citizenship rights for women in the Muslim majority?
It is not just that the polls indicate that the outcome of the UK referendum is too close to call, but the mere fact that the referendum is being held in the first place is significant. It was not Labour, but the Conservative Party that brought the UK into the EU in the first place (and in the 1975 referendum Thatcher was campaigning for Bremain) and into the ERM. Now the issue is tearing the party apart.
The UK’s EU referendum is too tight to call, which will virtually ensure protracted economic uncertainty, market volatility and political risk. The worst has already happened.
