EU: Brexit Strains Europe's Pocketbook

The European Union has begun thinking about ways to fill the budgetary void that the United Kingdom will leave after Brexit. As financial pressure on the Continent mounts, how the remaining member countries respond to the fallout could provoke fresh conflict. Regional divisions began emerging in the European Union with the financial crisis almost a decade ago, and budgetary discussions and other talks about the future of the bloc could deepen those divides. On June 28, European Budget Commissioner Gunther Oettinger and European Commissioner for Regional Policy Corina Cretu presented a plan to the European Parliament for the future of EU finances starting in 2021. The presentation makes only a series of proposals; formal talks will begin in 2018....