The newspaper The Economist described the result of last week’s referendum in the UK on the country’s membership of the European Union as a “self-inflicted blow”. Since the announcement of the result, financial markets have been very restless with the pound sterling first losing value and then gaining some of it back. The same occurred with quoted equities across the globe.

The present UK government seems to want to take its time to put into effect the (in)famous article 50 which establishes the procedure for a country to exit from the EU.

David Cameron, the outgoing UK Prime Minister, has stated that his successor will make the formal request.

Angela Merkel, the German Chancellor, said that the UK was a very important partner for the rest of the EU in the economic, social and political sphere, and as such there was no need for undue rush. France has an opposite opinion: French President Francois Hollande has called for a quick exit process.

There are even some for whom hope springs eternal, who believe that over the coming months the UK will make a U-turn and decide to remain a member of the EU.

The European project is a success but we may risk making it fail if some countries insist on closer integration

I doubt it. However, there is uncertainty among the UK political classes as to how the formal decision to exit the EU is to be taken, given that the referendum is not legally binding.

It is also quite evident that those who had proposed that the UK leaves the EU have no plan as to how the exit is to take place or the terms of the exit.

We even had leading exponents of the Leave campaign reneging on the promises they made, making everyone wonder what the British people actually voted for.

All this is likely to add to the uncertainty that we have had as a result of the referendum. The more protracted the process is, the more chance that economic uncertainty may compound.

The downgrade of the UK by the international credit rating agencies does not help in providing clarity. The body language of someone like Boris Johnson betrays this lack of clarity.

Having said this, I believe that there should be no rush for a UK exit, as even the EU itself needs time to ponder. The uncertainty is not caused only by the UK decision or the negotiation process that will lead to Brexit but also by the reactions of other countries and by the collective decision of the remaining 27 member states on the future of the EU.

One key element related to the future of the EU is whether to have closer integration or maintain the status quo. Given the high level of euroscepticism in some countries such as France, the answer to last week’s referendum in the UK cannot be closer integration. The European project is a success but we may risk making it fail if some countries insist on closer integration.

The impact of Brexit needs to be fully assessed by both the UK and the EU before any formal decisions are taken, in spite of the fact that a lengthy process may lead to more uncertainty. It may even be argued that if decisions are not rushed, what starts to creep in is a conviction that steps are being taken to ensure a win-win situation.

So a lengthy process should not necessarily lead to more uncertainty.

The long term impact on the EU as a result of Brexit may end up being minimal, even if the short term and medium term impact is likely to be very negative. There will need to be a period of adjustment, which will also create uncertainty.

The impact on Britain is anybody’s guess, especially if Scotland presses for independence and London achieves greater autonomy in how to use funds collected from taxation.

There is also the impact of Brexit on Malta which needs to be considered.

In certain areas, Malta will suffer negative consequences. However, there will also be opportunities to be exploited.

Malta’s traditionally strong ties with the UK can be brought to bear even more in these circumstances.

Whichever way one looks at Brexit, uncertainty will reign in the coming months and possibly years. Unless steps are taken at EU level to address the daily concerns of the citizens this uncertainty will continue to prevail.