13. Eurozone Perspectives and Reform Needs

Considering perspectives for reform in the Eurozone and EU27, Welfens warns of a possible contagion effect of Brexit inducing other countries to leave the integration club. Possible reforms are suggested which would help Europe to avoid a repeat of past scandals in the industry and a systemic failure of the banking system such as happened during the Transatlantic Banking Crisis. Pro-growth reforms are also required in Europe if the bloc is to have an economic advantage over the UK and prevent further disintegration. According to Welfens, lessons which are not strictly economic must also be learned—for example in security issues and combatting terrorism—if the Eurozone and EU27 are to survive, prosper, and continue as an example for regional integration clubs globally.