Two of the great
risks facing the European Union (EU) economy are the exit of Greece from the
euro area and the exit – or distancing – of the United Kingdom from the
European Union. It is easy to think of these threats as similar, even if
only because they have similarly catchy names to use in popular debate.
But Kings College London Professor Anand Menon
reminded me in a recent conference call that they are actually very
different. His point was that any British exit from the European Union –
or ‘Brexit’ – would be a long, difficult, and conflictive process. My
argument here is that any Greek exit from the euro – or 'Grexit'
– would centre on a short, punctuated event.
GPPF
