Latest / Bloomberg Intelligence / Finel-Honigman on Brexit: Migrant Crisis Come to a Head (Audio)

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Finel-Honigman on Brexit: Migrant Crisis Come to a Head (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York Bloomberg eleventh to Washington, d C.
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  Speaker 1: taking stock. The European Union can trace its origins from
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  Speaker 1: the European Coal and Steel Community that was formed in
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  Speaker 1: nineteen fifty one. So after sixty five years, is the
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  Speaker 1: European Union ready to retire? We'll find out on Thursday
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  Speaker 1: when the UK goes to the polls to determine whether
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  Speaker 1: it remain part of the European Union. You've got more
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  Speaker 1: details and we're going to find out not only what
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  Speaker 1: it means for the UK phim, but what it means
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  Speaker 1: for the future of Europe. Now, let's get to Charlie Pellant.
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  Speaker 1: to go ahead of the close on a Tuesday. Here
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  Speaker 1: stocks advancing sentiments susceptible to swings before Britain's vote later
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  Speaker 1: this week on its European Union membership. Energy producers and
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  Speaker 1: to back games. Equities climbing after zig zagging most of
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  Speaker 1: and gas companies, the longest in two months, even as
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  Speaker 1: crude prices drop. West Texas Intermediate crewed now down one percent,
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  Speaker 1: falling fifty two cents for a barrel well. The UK
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  Speaker 1: Brexit vote is Thursday. Paul de Groi as a professor
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  Speaker 1: at the London School of Economics. He's also a former
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  Speaker 1: member of the Belgian Parliament, and he spoke about the
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  Speaker 1: vote with Bloomberg Television. When I look at the politics right,
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  Speaker 1: the political dimension of this and the longer term, then
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  Speaker 1: I'm saying, but wait a minute. The United Kingdom has
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  Speaker 1: in the past um all the time in a nation
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  Speaker 1: that tries to block further integration attempts in Europe. Um.
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  Speaker 1: In fact, it has also been a force time to reconstructed.
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  Speaker 1: outlook from less than a week ago, saying she and
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  Speaker 1: her colleagues are on watch for weather rather than when
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  Speaker 1: the US economy will show clear signs of improvement. Gold
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  Speaker 1: now down twenty three fifty ounds, dropping one eight percent,
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  Speaker 1: seven percent. SMP five hundred index up nine, a gain
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  Speaker 1: of point four percent. Dow Industrial is up sixty one,
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  Speaker 1: also a gain of point four percent, and two on
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  Speaker 1: Wall Street. Now, let's take a look at other news
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  Speaker 1: from around the world. Thank you, Charlie from the Bloomberg
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  Speaker 1: recapping SMP up eight to two thousand ninety one, a
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  Speaker 1: That's a Bloomberg Business flash. You're listening to taking Stock
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  Speaker 1: with Kathleen pim Fox on Bloomberg Radio. Two days to
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  Speaker 1: the gregs of vote closely washing the markets around the world.
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  Speaker 1: The latest polls show that the gap has narrowed once
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  Speaker 1: again between those who may vote to stay in the
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  Speaker 1: EU and those who may vote to go. But it's
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  Speaker 1: not just a question for the citizens of the United
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  Speaker 1: Kingdom and their policymakers. It's a question for all of
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  Speaker 1: Europe because certainly one of the complaints that has been
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  Speaker 1: heard is that this is a European Union that's not
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  Speaker 1: doing what it was set up to do, and it's
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  Speaker 1: better for the United Kingdom to go joining US now.
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  Speaker 1: As Irene Finel Hanigman, she's Agent Professor of International Affairs
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  Speaker 1: at Columbia University. Irene, welcome back to the show. Thank
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  Speaker 1: you delighted to be back. So you have been You're
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  Speaker 1: originally from France, and you have a student and and
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  Speaker 1: and and and an economist and done so many things
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  Speaker 1: that have to do with Europe. How do you just
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  Speaker 1: sit back? You iman kind of a gas that this
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  Speaker 1: may be happening. I'm very sad that it's happening, and
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  Speaker 1: hopefully it will not happen, but I am not that
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  Speaker 1: surprised considering the extreme amount of political volatility anti EU
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  Speaker 1: and anti euro sentiment across factions in Europe. Uh, and
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  Speaker 1: the fact that with the migration crisis this has all
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  Speaker 1: now come to a head. So hopefully this can be resolved.
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  Speaker 1: But it is not unfortunately surprised now, Irene, I just
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  Speaker 1: want to get your thoughts on what would happen regardless
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  Speaker 1: of which way UK voters decide on Thursday. Does something
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  Speaker 1: have to change in the way Europe runs itself? Absolutely? Um.
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  Speaker 1: I think the first thing is that even if the
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  Speaker 1: UK stays in and the markets calmed down and we're
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  Speaker 1: moving forward, the most important thing is that it's not
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  Speaker 1: be accepted with complacency, because there clearly will have to
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  Speaker 1: be some institutional changes. They will also have to be
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  Speaker 1: a great deal more transparency and accountability coming out of
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  Speaker 1: politicians from all sides of the debate as to what
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  Speaker 1: exactly is the relationship between Brussels and the other countries
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  Speaker 1: within the EU. We have also been so focused in
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  Speaker 1: the last three or four years on the Eurozone that
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  Speaker 1: we have often forgotten about what all of this means
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  Speaker 1: for the larger European Union. And I think this is
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  Speaker 1: going to have to be re examined and very carefully
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  Speaker 1: looked at in terms also of an identity crisis, because
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  Speaker 1: Europe right now is facing the existential crisis. An existential
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  Speaker 1: crisis meaning we don't know who we are anymore, meaning
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  Speaker 1: we don't we thought we were going to a path
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  Speaker 1: that would make Europe more democratic and more prosperous, but
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  Speaker 1: somehow we've gotten off tracker. Can we who are these Europeans?
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  Speaker 1: Can you really expect everybody to be European in the
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  Speaker 1: same way? That's exactly right. And however, what is so
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  Speaker 1: interesting is that when you look at the responses among
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  Speaker 1: those who are twenty five and younger, in other words,
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  Speaker 1: who were literally born at the time of the Monstro
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  Speaker 1: Treaty of the Storts started this. They still do think
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  Speaker 1: of themselves as European plus their national identity, but very
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  Speaker 1: sadly because of the sovereign debt crisis, because of the
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  Speaker 1: amount of unemployment, the fact that so much funding has
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  Speaker 1: been cut for cross border education, cross border awareness. UH,
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  Speaker 1: there is even a sense of loss in a way,
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  Speaker 1: a sense of exactly a kind of loss of identity.
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  Speaker 1: And this is something that has to be brought back
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  Speaker 1: to the surface. And this really falls back on the
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  Speaker 1: responsibility of politicians to start to explain, beyond data driven information,
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  Speaker 1: what are these real issues, where do they come from,
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  Speaker 1: why this is important and that has not been happening
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  Speaker 1: at all. Speak if you can about the military alliance
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  Speaker 1: that may or may not develop with the European Union Army. Well,
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  Speaker 1: I think this is what is often uh not abroad,
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  Speaker 1: I think out as much as it should is beyond
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  Speaker 1: the economic issue. When we talk about the relationship between
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  Speaker 1: the EU and the UK, we're looking at legal accord
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  Speaker 1: uh basically packed uh integration on all levels of social policy,
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  Speaker 1: defense policy, security policy, environmental policy. And this certainly is
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  Speaker 1: an issue, particularly as the UK and France have come
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  Speaker 1: together much more closely in the last few years since
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  Speaker 1: Libya on defense policy, as this is also very much
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  Speaker 1: an issue of NATO. So I think all of these
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  Speaker 1: factors now are at play and could in fact have
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  Speaker 1: to be either thought out again or redefined or at
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  Speaker 1: worth renegotiated if Brexit came about. What do you put
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  Speaker 1: the odds now you've watched the polls UM, I think,
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  Speaker 1: as you mentioned, right after the tragic death of the
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  Speaker 1: young UM Labor member of Parliament, Joe Cox, it looked
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  Speaker 1: as if the remain UH group, the anti Brexit with
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  Speaker 1: doing much better right now from what I understand in
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  Speaker 1: the last few hours, it's again basically almost entirely even
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  Speaker 1: between the Leave and Remain factions. Hard to know, I
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  Speaker 1: think to the very last minute, and even if the
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  Speaker 1: UK does remain, the vote will probably by by a
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  Speaker 1: very very tiny Martyre. Thank you very much for joining us.
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  Speaker 1: Irene Finell Hanigman is adjunct Professor of International Affairs at
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  Speaker 1: Columbia University. She is also the author of a cultural
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  Speaker 1: History of finance. Speaking about Brexit and the vote this
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  Speaker 1: June Thursday, by the Populace of the United Kingdom, we'll
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  Speaker 1: see whether they're going to remain part of the European Union.
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  Speaker 1: You're listening to taking stock on Bloomberg Radio, wondering what
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  Speaker 1: to do with your investments in the midst of the
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  Speaker 1: gregsit vote. Bob Dohl is joining as from Nouvine Asset Management.
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