As Brexit gets underway, Yale's Stephen Roach says the 'imperfect' EU may not survive
As U.K. Prime Minister Theresa May presses on to take Britain out of the European Union, one leading economist raised questions about the viability of the single political and economic bloc.
Even before Brexit came about, the EU faced multiple challenges over the last decade, said Roach, who's a former chairman of Morgan Stanley Asia. Those challenges include a sovereign debt crisis in Greece and a standoff with Italian leaders over the country's spending plans. The EU agreed to postpone the U.K.'s exit from the bloc to May 22 if May can convince the British parliament to accept the existing deal. If May fails to convince parliament, Britain would face a disorderly exit from the EU on April 12.
Even though the circumstances surrounding Brexit are still uncertain and pose a major risk within Europe, Roach said the event itself wouldn't be enough to derail the global economy.
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