German Minister Schaeuble Worries Other Countries Might Quit EU After Brexit

This article was last updated on April 16, 2022

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During an interview to German news magazine, German Finance Minister Wolfgang Schaeuble has revealed that he cannot disregard the possibility of other countries wanting to quite the European Union if Britain decides to leave the 28-member bloc after a June 23 referendum. In his remarks, Schaeuble alleged that “you can’t rule it out” because “how would the Netherlands, which has traditionally been very closely allied with Britain, react, for example?”

Schaeuble explained that if Britain became the only country to leave the EU, it might not have been such a grave concern for the bloc’s continued existence because “if need be, Europe would work without Britain.” But he stressed that even if a slim majority of Britons voted to quit the EU, “we need to understand that as a warning and wake-up call to not continue doing as we have done up until now.”

In his remarks, Schaeuble warned Britain could suffer economic consequences if it quits the EU, highlighting that it has been interlinked with partner countries. He stated that “it would be a miracle if Britain quitting does not have any economic disadvantages.” He alleged that “we’re preparing for all possible scenarios to limit the dangers.” Schaeuble ruled out Britain being able to continue to benefit from the European single market like Norway or Switzerland if it quit: “For that the country would need to stick to the rules of the club that it now wants to quit.”