ILMUNC XXXVI
ONLINE
COMMITTEE
EUROPE
AFTER THE
E.U.
Ashley Shah
Secretary-General
Lexie Shah
Director-General
Danae Stavrou
Chief of Staff
Julia Sachs
Chief of Operations
Sebastien Gray
Chief Financial Officer
Sameer Khan
Under-Secretary-General
General Assemblies
Erin Kraskewicz
Under-Secretary-General
General Assemblies
Nikhil Gangoli
Under-Secretary-General
Specialized Agencies
Maranda Duignan
Under-Secretary-General
Specialized Agencies
Mariana Simoes
Under-Secretary-General
Economic and Social Council
Vishesh Shah
Under-Secretary-General
Crisis Simulations
Vinai Kumar
Under-Secretary-General
Crisis Simulations
Isaac Bloom
Business Director
Jack Kalvar
Business Director
Nicholas Schell
Under-Secretary-General
Operations
ILMUNC
ONLINE
PO Box 31826 | 228 S. 40th Street | Philadelphia, PA 19104
(215) 519-5817 | sec-gen@ilmunc.com | ilmunc.com
Sarah Zhou
Under-Secretary-General
Operations
ONLINE COMMITTEE
ILMUNC
INTRODUCTION TO THE BODY
On January 31, 2020, the United Kingdom officially
triggered Article 50 of the Treaty of Lisbon, leaving the
European Union’s political bodies while a transitory period
allowed for the renegotiation of free trade agreements and
regulatory policies associated with the EU. As of December
25, 2020, the December 31st deadline for this transition
period was finally met, with a deal that is sure to reshape
the livelihoods of farmers, fishermen, and anyone who
sources products from across the Channel.1 This committee
takes place in an alternate future in which these concerns
were finalized in a surprisingly uncontroversial manner,
the fully independent United Kingdom prospered, and
the Brexit pathway created a framework by which other
nations might themselves leave the European Union.
EUROPE AFTER THE EU
forgiveness and more stringent or distributed refugee
policies, have declared they will trigger Article 50 and
leave the EU unless these demands are met. Your job, as
the member states of the EU, is to come to an agreement
by the end of this one-night committee: can you manage
to meet the demands of Italy and Greece while keeping
the interests of all other member states in mind, or will
you let them leave, fracturing the Union even further?
It is relevant to note that this is a fully speculative
future, with many of the required pieces of alternate
history extremely unlikely, if not realistically impossible.
We ask you to take them as given truth for the sake of
the simulation — there are important and pressing topics
often nestled inside fantasy.
Origins of the EU
The European Union was officially established when
the Maastricht Treaty came into effect on November
1, 1993, absorbing the eleven nations that comprised
of the European Economic Community (EEC) at the
time: Belgium, France, Germany, Italy, Luxembourg, the
Netherlands, Denmark, Ireland, the United Kingdom,
Flags of the EU member states in front of the European Parliament
Building in Strasbourg, France.2
Portugal, and Spain.4 Alongside having access to a single
internal market, the Schengen Agreement (1985) also
The year is now 2023. The COVID-19 pandemic allowed for open borders between these countries. Since
was fully quashed by Fall 2021, but the long-term the establishment of the EU, membership has grown to
effects have persisted for the last few years. While the 27 member states. A majority of these members have
virus mostly targeted the elderly, who were already not adopted the singular currency of the Euro that was
counted in the labor force, significant output loss from established in 2002 in an effort to promote exchange rate
lockdown and social distancing measures, paired with an
stability that aids with trade and free movement. However,
increase in public debt as governments scrambled to pass this decision came at the cost of austerity measures, both
stimulus measures, have weighed heavily on countries on the political and economic front, that have played a
with outstanding debt issues and anti-EU sentiment —
pivotal role in the conflicts that began to arise in the early
namely, Italy and Greece.3 Now, coalitions of anti-EU 2010s.
As of 2009, the Lisbon Treaty reformed many aspects
parties in both countries, calling for debt mutualization/
2
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ILMUNC
ONLINE COMMITTEE
of the legal structure of the European Union: increasing the claimed that his country had been “blackmailed and
powers of the European Parliament, formally establishing humiliated” and a “scapegoat” for the EU’s incompetence
the European Council, and creating an official President when discussing the situation in 2011.9 As for preventing
position that was backed by a democratic election process.5
the spread of this crisis to other nations in the EU, the
These changes served to cement the EU as an institution, European Central Bank cut interest rates that same year
just in time to deal with the upcoming economic and
and employed a program of quantitative easing to aid
political situations that impacted the region as a whole. with the overall spike in budget deficits.10
Events such as the Euro-Zone Debt Crisis, the Refugee
Crisis, Brexit, and the very recent COVID-19 pandemic
have introduced points of contention that question the
feasibility of the EU going forward.
European Debt Crisis
In the wake of the global financial crisis, the
European Debt Crisis started with George Papandreou’s
(Prime Minister of Greece) revelation in 2009 that they
had a budget deficit that was almost four times higher
than it was supposed to be under EU regulations that
were spelled out in the Maastricht Treaty.6 With Spain,
Portugal, Italy, and Ireland not far behind in their position
of financial distress, these nations adopted fiscal austerity
measures that ultimately were not enough to save them
National Debt-to-GDP in EU member countries (Q1 2020)11
With the primary attempts of European Council to
from their precarious situation—and instead led to a lot of come to a consensus on how to resolve the crisis resulted
internal civil dissent, as these measures disproportionately in an proposed intergovernmental treaty that failed due
impacted public spending and pension funds.7 With to the objections of the UK and Hungary, an alternative
Greece and Ireland asking the EU for a bailout to help “fiscal pact” was signed in January 2012 (with both the
accommodate their debt levels, disagreement arose among Czech Republic and the UK abstaining from signing).12
more financially stable countries, such as Germany, that The fiscal compact introduced new rules in order to make
disagreed with the prospect of bailing nations out with
it harder to break budget deficits and prevent similar debt
self-imposed dire circumstances. This debate continued crises from reoccurring in the future. As attention shifted
as the bailout was approved and Greece was persuaded to helping Italy and Spain as concerns rose about their
8
to adopt strict austerity measures in order to continue to
economic standing, civilian upset over the ratification of
receive financial assistance from the EU and the IMF. This the latest austerity bill in Greece was displayed during
decision was not particularly well-received within the the country’s general elections in May.13 By the end of
nation, as Greek Finance Minister Evangelos Venizelos 2012, the crisis was deemed to be officially resolved
3
ONLINE COMMITTEE
ILMUNC
when growth resumed in Europe and countries were
EUROPE AFTER THE EU
The conflict of hosting refugees has been split
able to rebalance their budgets and narrow their deficits. between more hospitable and less welcoming nations,
However, the political implications of this crisis remained
with Germany leading the former and nations such as
more unresolved, as countries that were bailed out faced
Hungary and The Czech Republic leading the latter.19
internal political shifts aligned with the dissent of the
Specifically, the issue has been stratified among wealthier
austerity measures that were employed to avoid default.
and more land-rich countries that have the resources to
accommodate refugees versus EU states with higher levels
European Migrant Crisis
of unemployment and economic instability that do not
The refugee crisis of the 2010s is believed to have want to burden themselves with the addition of politicalstarted in 2014, as swarms of displaced individuals arrived
asylum seekers.20 Likewise, worries of accommodating
via the Mediterranean Sea and Southeast Europe due to the religions and ethnic differences of refugees has been
ongoing conflicts in Iraq, Afghanistan, and Syria.14 As the
especially prominent among a few nations such as Poland
migratory flows steadily increased and peaked in 2015, and Slovakia, two nations taking a hard stance alongside
the Dublin Regulation struggled to accommodate the
Hungary against these set quotas.21 With these cultural
crowds of people coming in because the responsibility and political differences within the EU itself, it has been
of vetting asylum requests only fell upon the country difficult to come to a consensus on how to approach the
of primary entry.15 Nations that have coastlines along ever-existing crisis. As recently as this year, there has been
the Mediterranean Sea, such as Greece and Italy, had a a new proposal by the European Commision that would
particularly difficult time dealing with this influx. The EU attempt to address the dissatisfaction that nations have
Regional Trust Fund that was launched in response to the
with the quota system, aiming to create reforms that
Syrian Crisis in 2014 provided initial financial aid to many
would encourage participation and cooperation from
of Syria’s nearby countries, but it was not enough.16 With
all members of the EU.22 However, it remains unclear
the uptick of refugees steadily increasing, the EU worked
whether the EU will be able to agree on a stance to handle
with Turkey to release a Joint Action Plan in late-2015, the migrant crisis in a unified manner.
followed by an EU-Turkey statement in 2016, that would
aid with the humanitarian situation of refugees in Turkey,
Brexit
as well as discourage migration into the EU.17 While these
After the United Kingdom triggered Article 50
actions helped discourage the number of irregular border
following a second referendum regarding leaving the EU
crossings, the question of how to handle the number in 2016, the complexities of navigating a divorce from
of refugees within the EU remained under debate. The the EU have been brought to light. With Theresa May
European Commission set forth a quota proposal in as Prime Minister at the time, the United Kingdom had
2015 to alleviate the pressure of being overwhelmed by two years to negotiate exit conditions and define the
migrants, but this was wildly contentious among certain
nature of their relationship with the EU going forward.
countries including the The United Kingdom, Czech In Phase 1 of the negotiations that occured in 2017,
Republic, Hungary and Latvia.18
4
the EU and the UK reached a provisional agreement on
EUROPE AFTER THE EU
ILMUNC
ONLINE COMMITTEE
citizens’ rights, as well as a financial settlement.23 In 2018,
(Members of the European Parliament) to have a deal
more issues came to light with the negotiations process, as
passed by the 20th with no current deal in place, it seems
the UK made significant concessions on free movement, more likely that it will stay that way once the transition
budget contributions, the role of the European Court period is over — leaving the UK to conduct trade with the
of Justice (ECJ), trade and fishing rights within Brexit EU under WTO rules and spelling severe ramifications
talks. However, Prime Minister Theresa May’s Chequers
for the UK economy.27
Plan regarding the UK leaving the EU ultimately created
disagreement from both the UK government and other
EU leaders.24 While a deal on the UK’s exit was ultimately
FUTURE HISTORY
Already weighty outstanding government debts in
proposed on November 25 of that year, the withdrawal Greece and Italy were only exacerbated by the long-term
agreement was defeated in the United Kingdom’s House fallout from the coronavirus. Italy, which was initially hit
of Commons on January 15, 2019, by a margin of 432
the worst out of any European country by the pandemic,
to 202.25 Facing two other losses to pass the deal in that
proposed the possibility of ‘Coronabonds,’ a bond
year, the UK’s membership in the EU was extended on a system that would redistribute the cost of coronavirus
“flexible” term.
across the bloc28. This proposal was quickly shot down
by Germany and other conservative nations in the EU, a
move which angered Italian politicians and stoked fears
that Italian public debt — standing at 134.8% of GDP
in 2018 — was becoming riskier, increasing the spread
between German and Italian bonds.29 While this did
not constitute an immediate issue, when combined with
bitterness towards a lack of European medical aid, which
was soon replaced by Chinese donations and volunteers,
Britain’s Prime Minister Boris Johnson speaks to pro-Brexit activists at
the Conservative Campaign Headquarters in London, 2019.26
public opinion towards the EU only soured further.30 A
750 billion-euro relief package from the EU in July 2020
As Boris Jonhson took over the post as Prime also dedicated €209 billion specifically to Italy; however,
Minister in late 2019, the deal finally went through this only temporarily alleviated concerns regarding the
Parliament and both the EU and the UK went through monetary autonomy of the Italian government.31
with the Withdrawal Agreement in late January 2020,
Italian populist parties such as the Five Star
which maintained many of the provisions set forth by Movement and Lega Nord —in addition to the ‘Italexit’
Theresa May. On the 31st of that month, the UK entered party — gained significant ground since their founding in
an eleven-month transition period that would culminate 2018; furthermore, 49% of Italians would support a move
in an official departure from the EU. However, as of to leave the EU in an April 2020 poll.32 With significant
December, deadlocks have made it difficult to come to debt increase over the course of the post-Coronavirus
a consensus on a trade deal. With the deadline of MEPs
years, which the EU stimulus package was unable to
5
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ILMUNC
EUROPE AFTER THE EU
fully alleviate, a coalition of these parties was able to gain increasing the country’s debt. Many in Greece feel that
significant momentum in Italy, riding support primarily
the EU’s control over monetary policy has benefitted the
off of the poorer southern regions of the country.33
larger countries at the expense of their own citizens, with
While the Five Star Movement and Lega Nord have Germany profiting from falling borrowing rates associated
held coalition power since 2020, it remains to be seen with the austerity measures the bloc enforced.38 Some
how much of that coalition’s seats will go to the Italexit economists like Paul Krugman have suggested a return
Party in the 2023 election. If the Italexit Party are able to to the Greek Drachma (the original currency of Greece)
gain significant support in the Parliament, a referendum would allow the country to control its own monetary
regarding triggering Article 50 will most likely be issued,
policy, and competitive devaluations might be able to re-
especially due to the unexpected success and autonomy balance the trade-off between inflation and growth.39
granted to the United Kingdom under Brexit.
While the Greek government has been held under
Greece’s main concerns, like those of Italy, are the liberal-conservative coalition of the New Democracy
primarily economic. After the worldwide recession of
party since 2019, the far-right Greek Solution party
2007-08, public-debt-to-GDP ratio reached 127% in
has nearly tripled its support to 9.2% of all seats in
2009, the Greek government misreported economic
parliament. The party’s leader, Kyriakos Velopoulos,
statistics to keep in line with monetary union guidelines, is an ex-telemarketer who espouses anti-immigration,
and Greek government bonds were given junk status anti-EU, and ultra-nationalist policies.40 The Greek
by credit rating agencies after interest rate increases and
Solution Party is unlikely to secure an upset victory over
data of a recession became available.34,35 While bailouts the New Democracy in the next election, but their antiwere loaned to the government, this has merely pushed
refugee rhetoric is undeniably appealing, especially with
the issue back — scheduled debt payments to the IMF,
the economic pains the country has felt since 2008. A
Eurozone governments and private lenders are due all the successful Italian exit from the European Union has been
way until 2060.36
seen as a likely trigger for similar proceedings in Greece,
especially with any additional and future complications
with the debt crisis.
OTHER BLOC POSITIONS
France, Germany, Poland, and Spain
As the remainder of the G6 of the EU (with the
United Kingdom gone and Italy potentially following),
you wish to hold the EU together at all costs. The majority
People gather in front of the Euro-Monument in Frankfurt, Germany.37
of EU voting power is held by your four countries, and
as such, the continued existence of the bloc guarantees
The economic fallout from the Coronavirus has future trade policy that benefits you. However, some of
only exacerbated the issue, with government stimulus these nations — particularly Germany and France —
6
EUROPE AFTER THE EU
ILMUNC
make up a great deal of the expenditure on EU policies
that other countries benefit from. A Greek exit from
ONLINE COMMITTEE
QUESTIONS THE COMMITTEE
MUST ANSWER
the EU would be particularly disastrous, since much of
the country’s outstanding debt is either made out to the
•
Is there a way to fairly mutualize or forgive
European Central Bank or to your countries in particular
growing amounts of national debt? Can the
(money which you may never get back with a Greek
classic methods of austerity be retooled without
departure). You have long held conservative fiscal and
significant pushback and protest?
monetary policy as the modus operandi when it came to
•
How do you distinguish the legitimate economic
issues of national debt, only providing significant loans
and political concerns of anti-European Union
when paired with austerity measures. You will have to
groups from those which hinge on discrimination
decide if a method like this is sustainable for the future
and fear?
while keeping in mind the wishes of Italy, Greece, and
•
other countries.
How should countries accept refugees in an
equitable way, while quickly and safely giving
migrants shelter and a new home? What
Other EU Countries
bureaucracy is needed in the asylum process, if
The majority of EU countries, as smaller economies,
receive more in spending and aid than they contribute,
any, and where is it deleterious?
•
especially in the case of some Central and EasternEuropean countries like Romania, Poland, and Hungary.
41
Is there such a thing as a pan-European identity?
If so, what should it look like going forward?
•
After the United Kingdom successfully left the
While certain politicians in both Poland and Hungary
European Union, would the exits of Italy and
have voiced their dissatisfaction with the Union, citing
Greece be disastrous, especially with another
concerns over the bloc potentially overreaching with its
member of the original G6 gone? Are the rest
power, they have done little more than veto a budget
of the EU’s constituent countries willing to take
proposition in 2020 and threaten further action if their
that risk?
more conservative political positions, especially on LGBT
•
If Italy and Greece leave, what should networks
42
rights and climate issues, are not taken into consideration.
of trade, customs, and product regulation look
Leaving would create long-term economic destruction in
like between the Union and the new independent
these countries unlike the conditions likely in the UK or
states? Is free trade and mobility still the way
Italy, and the EU remains incredibly popular among the
forward in Europe?
general public. Smaller economies and countries with
43
•
What is the purpose of the EU? How much
different cultural priorities than the larger powers of the
power should it have in its constituent member-
EU may look to support the Union’s continuation, but
states?
will likely disavow any overreach into national sovereignty.
•
What ramifications would two more departures
from the European Union have on the economies
and publics of Europe?
7
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ILMUNC
CONCLUSION
Because the real-world process of Brexit is still
underway — meaning that much of the historical
background is being written as this committee proceeds
— we do not expect speeches and directives to involve
expert knowledge of European tax code, for example, but
we ask delegates to remain as grounded as possible. The
committee is likely to address sensitive issues of refugee
settlement and nationalism, which affect us as people
first and foremost, not delegates, meaning we have a
responsibility to treat the topics with respect.
The European Union has stood as a combined
superpower on the global stage since 1993, weaving
cultures, markets, and governments together to the point
many would not have considered Britain’s exit from the
bloc a possibility as recent as 2015. This web of human
and economic connection has deep-set intricacies, which
delegates should attempt to address in turn as new
and unforeseen consequences of their actions emerge.
This situation will challenge you to think on your feet,
hopefully leading you to develop solutions that balance
efficacy, uniqueness, and inclusion in a still-ongoing
crisis of trade, diplomacy, and human rights. Delegates
will have to determine whether the founding principles
of the EU still apply as it moves into its fourth decade,
potentially changing the direction of the Union for years
— if there is to be a Union at all.
8
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ONLINE COMMITTEE
Endnotes
1
Castle, Stephen. “Tariffs, Traffic and Red Tape: What a ‘No-Deal’ Brexit Could Mean for Britain.” The New York Times, The
New York Times, 18 Dec. 2020, www.nytimes.com/2020/12/18/world/europe/no-deal-brexit.html.
2
https://www.thestreet.com/politics/what-is-european-union-14690672
3
Jordà, Oscar, et al. “The Long Economic Hangover of Pandemics - IMF F&D.” Finance and Development, International
Monetary Fund, June 2020, www.imf.org/external/pubs/ft/fandd/2020/06/long-term-economic-impact-of-pandemics-jorda.htm.
4
Anonymous. “A Growing Community – the First Enlargement.” European Union, 28 May 2020, europa.eu/european-union/
about-eu/history/1970-1979_en.
5
“Lisbon Treaty.” Encyclopædia Britannica, Encyclopædia Britannica, Inc., 24 Nov. 2020, www.britannica.com/event/LisbonTreaty.
6
Steiner, Sheyna. “Timeline Of European Debt Crisis.” Bankrate, 29 Oct. 2012, www.bankrate.com/banking/timeline-ofeuropean-debt-crisis/.
7
Ibid.
8
Friedman, George. “Germany’s Role in Europe and the European Debt Crisis.” Stratfor, Stratfor, 31 Jan. 2012, worldview.
stratfor.com/article/germanys-role-europe-and-european-debt-crisis.
9
Buttonwood. “Blackmailed and Humiliated.” The Economist, The Economist Newspaper, 19 Sept. 2011, www.economist.
com/buttonwoods-notebook/2011/09/19/blackmailed-and-humiliated.
10
Eichengreen, Barry, and Charles Wyplosz. “How the Euro Crisis Was Successfully Resolved.” VOX, CEPR Policy Portal, 12
Feb. 2016, voxeu.org/article/how-euro-crisis-was-successfully-resolved.
11
https://www.statista.com/statistics/269684/national-debt-in-eu-countries-in-relation-to-gross-domestic-product-gdp
12
“Timeline: The Unfolding Eurozone Crisis.” BBC News, BBC, 13 June 2012, www.bbc.com/news/business-13856580.
13
Ibid.
14
Clayton, Jonathan, and Hereward Holland. “Over One Million Sea Arrivals Reach Europe in 2015.” UNHCR, 30 Dec. 2015,
www.unhcr.org/news/latest/2015/12/5683d0b56/million-sea-arrivals-reach-europe-2015.html.
15
Lampropoulos, Nikos. “The EU’s Refugee Crisis: Effective Handling or Botched up Policy?” Www.euractiv.com,
EURACTIV.com, 7 May 2018, www.euractiv.com/section/global-europe/news/ep-and-refugee-crisis-superficial-approach-oreffective-handling/.
16
Adar, Sinem, et al. “The Refugee Drama in Syria, Turkey, and Greece.” Stiftung, Wissenschaft Und Politik, 16 Apr. 2020,
www.swp-berlin.org/10.18449/2020C16/.
17
“Press Corner.” European Commission - European Commission, 15 Oct. 2015, ec.europa.eu/commission/presscorner/detail/
en/MEMO_15_5860.
18
Kanter, James. “European Union Asks Member Countries to Accept Quotas of Migrants.” The New York Times, The New
York Times, 27 May 2015, www.nytimes.com/2015/05/28/world/europe/european-union-asks-member-countries-to-accept-quotas-ofmigrants.html?mcubz=0.
19
Weaver, Matthew, et al. “Refugee Crisis: Hungary Rejects All Asylum Requests Made at Border – as It Happened.” The
Guardian, Guardian News and Media, 15 Sept. 2015, www.theguardian.com/world/live/2015/sep/15/refugee-crisis-hungary-launchesborder-crackdown-live-updates.
20
Williams, Carol J. “The Conflicts and Failures behind the European Migrant Crisis.” Los Angeles Times, Los Angeles Times,
2 Sept. 2015, www.latimes.com/world/europe/la-fg-european-migrant-crisis-explainer-20150902-story.html.
21
Lyman, Rick. “Eastern Bloc’s Resistance to Refugees Highlights Europe’s Cultural and Political Divisions.” The New York
Times, The New York Times, 12 Sept. 2015, www.nytimes.com/2015/09/13/world/europe/eastern-europe-migrant-refugee-crisis.html.
22
Stevis-Gridneff, Martina. “NYT: Tech Talk for 12/27/2007.” The New York Times, The New York Times, 28 Aug. 2018, www.
nytimes.com/.
23
“Questions and Answers – the Rights of EU and UK Citizens, as Outlined in the Withdrawal Agreement.” European
Commission - European Commission, 27 Nov. 2018, ec.europa.eu/commission/publications/questions-and-answers-rights-eu-and-ukcitizens-outlined-withdrawal-agreement_en.
24
Sandford, Alasdair. “Brexit Timeline 2016–2020: the UK’s Path from Referendum to EU Exit.” Euronews, 30 Jan. 2020,
www.euronews.com/2020/01/30/brexit-timeline-2016-2020-key-events-in-the-uk-s-path-from-referendum-to-eu-exit
25
Ibid.
26
https://br.reuters.com/article/worldNews/idUSKBN1YC074
27
Hurst, Luke. “Brexit Negotiations Continue as MEPs’ Deadline to Approve ...” Euronews, 21 Dec. 2020, www.euronews.
com/2020/12/20/meps-deadline-for-brexit-agreement-reached-as-talks-go-on.
28
Dawkins, David. “Coronabonds And The Eurozone–The Crisis At The Heart Of Europe’s Pandemic Recovery: Explained.” 9
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Forbes, Forbes Magazine, 8 Apr. 2020, www.forbes.com/sites/daviddawkins/2020/04/07/what-are-coronabonds-and-why-is-nazi-wardebt-back-on-the-eurozones-table/?sh=76dc5d2d4c6a.
29
Oh, Sunny. “Europe’s Bickering over Coronavirus Bill Spills over into Italian Bond Market.” MarketWatch, MarketWatch, 30
Apr. 2020, www.marketwatch.com/story/europes-bickering-over-coronavirus-bill-spills-over-into-italian-bond-market-2020-04-30.
30
Power, Gabriel. “Will Italy Leave the EU after Coronavirus?” The Week UK, The Week, 15 Sept. 2020, www.theweek.
co.uk/108032/will-italy-leave-the-eu-after-coronavirus.
31
“Recovery Plan for Europe.” European Commission - European Commission, 24 Dec. 2020, ec.europa.eu/info/strategy/
recovery-plan-europe_en.
32
Leeuwen, Hans van. “‘Italians Are Awakening’. Could Italy Follow Britain out of the EU?” Australian Financial Review, 7
Aug. 2020, www.afr.com/world/europe/italians-are-awakening-could-italy-follow-britain-out-of-the-eu-20200806-p55izu.
33
“Gross Domestic Product (GDP) at Current Market Prices.” Eurostat, Eurostat, 6 Sept. 2020, appsso.eurostat.ec.europa.eu/
nui/show.do?dataset=nama_10r_2gdp.
34
“General Government Gross Debt - Annual Data.” Eurostat, 9 Oct. 2020, ec.europa.eu/eurostat/tgm/refreshTableAction.
do?tab=table.
35
Wachman, Richard, and Nick Fletcher. “Standard & Poor’s Downgrade Greek Credit Rating to Junk Status.” The Guardian,
Guardian News and Media, 27 Apr. 2010, www.theguardian.com/business/2010/apr/27/greece-credit-rating-downgraded.
36
Forelle, Charles, et al. “Greece’s Debt Due: What Greece Owes When.” The Wall Street Journal, Dow Jones & Company, 19
Feb. 2015, graphics.wsj.com/greece-debt-timeline/.
37
https://www.frankfurt-tourismus.de/en/Media/Attractions/Fountains-Monuments-Sculpures/Euro-Monument
38
https://www.mirror.co.uk/news/world-news/germany-profited-100billion-euros-greek-6229502
39
Krugman, Paul. “Grexit and the Morning After.” The New York Times, The New York Times, 25 May 2015, krugman.blogs.
nytimes.com/2015/05/25/grexit-and-the-morning-after/?smid=tw-NytimesKrugman.
40
Stamouli, Nektaria. “The Unorthodox Greek.” POLITICO, POLITICO, 27 Sept. 2019, www.politico.eu/article/greeksolution-far-right-kyriakos-velopoulos-unorthodox-migration-votes/.
41
Kovacevic, Tamara. “EU Budget: Who Pays Most in and Who Gets Most Back?” BBC News, BBC, 27 May 2019, www.bbc.
com/news/uk-politics-48256318.
42
Simon, Zoltan, and Wojciech Moskwa. Bloomberg.com, Bloomberg, 6 Dec. 2020, www.bloomberg.com/news/
articles/2020-12-06/why-hungary-and-poland-are-blocking-the-eu-s-budget-quicktake.
43
Wanat, Zosia, and Jan Cienski. “Polexit: 3 Reasons Why Poland Will Quit the EU and 3 Why It Won’t.” POLITICO,
POLITICO, 30 Nov. 2020, www.politico.eu/article/polexit-poland-veto-kaczynski-morawiecki-polexit-brexit-eu/.
10