The implications and impact of Brexit

Following the referendum of 23 June 2016, pursuant to Article 50 of the Treaty on European Union, the Government of the United Kingdom informed the President of the European Council of its intention to leave the European Union. This marked the beginning of long and difficult negotiations that are still going on at the time this is being written. The decision of the United Kingdom to leave the EU, known as "Brexit", faced complex challenges for the EU and the UK. Although it is almost impossible to predict and assess all the consequences of Brexit, the author tried to identify in this short review the most important challenges faced by both sides in the negotiations, as well as to assess the wider consequences of Brexit for future EU enlargements. The consequences of Brexit in the United Kingdom are much deeper and more far-reaching than in the EU. This includes deepening political and social divisions, economic consequences and the need for comprehensive legal reform. Despite gloomy predictions about the future of the EU and the initial challenges it faced, the EU has managed to reaffirm its authority among member states and return to "day-to-day business". The European Union is also ready for the exit of the United Kingdom. In view of the wider consequences of Brexit, the difficulties that the United Kingdom continues to face are discouraging to any Member State that may be considering leaving the EU. The EU remains firmly committed to creating a stronger sense of community that is accepted by both current and future members. Also, Brexit brought the member states closer and emphasized the value of establishing the EU and membership in this supranational organization. This is particularly important for accession candidate countries that have diminished their interest in EU membership over time, due to the long and demanding accession process. Although the enlargement process will remain extremely complex and based on the individual progress of each candidate country, Brexit pointed to the political, social, economic and security benefits of EU membership for accession countries.