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BuBa/Dombret: Brexit "Could be Particularly Harmful to the UK"

By Christian Vits
     FRANKFURT (MNI) - Bundesbank/Dombret: Brexit "Could be Particularly Harmful
to the UK"
     The repercussions of the United Kingdom leaving the European Union could
notably harm the country's economy, Bundesbank board member Andreas Dombret said
     "Brexit is definitely happening, and chances are it will be a hard one - by
which I mean that there will be a complete exit rather than a partial one,"
Dombret said in a speech at the New York University. He underlined that the kind
of economic partnership still has to be determined.
     "If we do not find a solution, the EU and the UK will trade under rules set
by the World Trade Organization - which is in nobody's interest, but could be
particularly harmful to the UK economy."
     Dombret also noted the "Brexit shows that less integration is not the
solution to the root causes of our economic problems. But a simple case of more
integration is not a solution either."
     He made the point, that a New York-based physician and researcher found a
correlation between a nation's chocolate consumption and the number of Nobel
laureates per population - no surprise, Switzerland won. Against this
background, Dombret stressed that Correlation does not imply causation and
Intuition is not always based in fact.
     Then he turned to the Brexit and apparently the political debate in the US.
"Confusing correlation with causation is amusing - but it is also disturbingly
similar to what we are seeing in current political debates," Dombret said. "Is
the idea that more chocolate leads to more Nobel prizes really any different
from the idea that protectionism brings back old jobs? Is it really any
different from the idea that Brexit or the breakup of the European Union would
bring with it increased welfare and security?"
     --MNI Frankfurt Bureau; +49 69 97782671; email:
--MNI Frankfurt Bureau; +49 69 97782671; email:

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