This week there was a meeting of the Big Four (not the audit firms) member states of the European Union – Germany, France, Italy and Spain. They used to be five but with Brexit, the United Kingdom has gone out of the equation. They discussed the future of the European Union.

This topic has become increasingly more prevalent in discussions between governments. What is driving it is the fear of the uncertainty that the current world stage has brought about. Just to mention Brexit as the cause would be too simplistic. The United Kingdom was an important member of the EU but it was certainly not its driving force.

To Brexit we need to add the new domestic and foreign policies of the US; the global political role that Russia wants to play but which its economy cannot sustain; the global political role that China wants to play and which its economy can sustain; the forthcoming elections in Germany, France and the Netherlands; next year’s elections in Italy; and the rise in what has been termed populist politics.

It is generally accepted that the current format of the EU cannot be sustained. This does not make the Union unsustainable. Maybe the positive response of the UK economy to the Brexit vote has been such that would induce many to think that not being a member of the EU is better than being a member.

However, in this respect the UK economy is unique. It has thrived on international trade since the days of the British Empire. London is recognised as the top financial centre of the world irrespective of whether the UK is a member of the EU or not. After all the pound sterling is still recognised as one of the major currencies of the world, in spite of the euro.

We need to understand what makes the European economy tick and energise it as much as possible for the benefit of its people

So the United Kingdom is not an appropriate example to take. France, on the other hand, could only develop its economy thanks to the EU and the various forms of European integration that came before it. Germany’s exporting success is mainly thanks to European integration. The part of the Italian economy that functions effectively has thrived because it integrated itself well in the European economy.

History has shown us that those European countries and those European companies that have done well are those that have exploited fully the opportunities offered by the EU. Malta is a fantastic example of this.

Yesterday Fiat, the Italian car manufacturer, announced that it was relocating the production of its make Panda to Poland from Italy.

Would Fiat have taken such a strategic decision and chosen Poland if this country were not a member of the EU? Should not the eurosceptic Polish government reflect on this?

It is accepted that there may be countries who do not agree fully with one-size-fits-all decisions taken within the ambit of the EU. A recent one was the refusal of certain countries to accept immigrants based on the allocation system decided upon at an EU level.

On a more strategic level, there are countries who opted not to adopt the euro as their currency. This does not make the EU unsustainable. This may make some British people think so – but this could be because they need to justify Brexit.

What makes Europe is not its geography or the national governments. It would be interesting to note how many of the current states forming part of the EU already existed 500 years ago when the first Europeans set out to reach India by the western route and discovered America instead. You would find very few.

What makes Europe is its people. And people generally seek to integrate with each other. So this should be the starting point of any discussion on the future of the EU. What integrates people is trade – and therefore the economy.  This is how economic activity developed over the millennia.

Keeping this in mind, one recognises that Europe needs Europe to thrive. A disaggregation of the EU would send the European people back to the Dark Ages. We need to understand what makes the European economy tick and energise it as much as possible for the benefit of its people.

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