NATIONAL LAW INSTITUTE UNIVERSITY, BHOPAL

(Academic Session: 2020-2021)

SEMESTER: II (End-term)

SUBJECT: ECONOMICS-I

TOPIC: Brexit and its Economic Implications

Submitted to: Submitted By:

Prof. C. Rajasekhar Juhi Mandhare

Professor of Economics Roll No. 47

NLIU, Bhopal

TABLE OF CONTENT
I
S

CHAPTER I.................................................................................................................................7

SYNOPSIS..................................................................................................................................7

 INTRODUCTION.........................................................................................................7

 STATEMENT OF PROBLEM.....................................................................................7

 HYPOTHESIS...............................................................................................................8

 RESEARCH QUESTIONS...........................................................................................8

 RESEARCH OBJECTIVES..........................................................................................8

 REVIEW OF LITERATURE........................................................................................8

CHAPTER II.............................................................................................................................10

WHAT IS THE EUROPEAN UNION?....................................................................................10

CHAPTER III............................................................................................................................12

THE EXIT OF UNITED KINGDOM: BREXIT.......................................................................12

 THE UNITED KINGDOM.........................................................................................12

 THE 2016 REFERENDUM AND WHY THE BRITISH CHOSE TO LEAVE........12

 WHAT BENEFITS DID UK HAVE AS A MEMBER OF EU?................................14

CHAPTER IV............................................................................................................................15

II
IMPLICATIONS OF BREXIT..................................................................................................15

 IMPLICATION ON UK.............................................................................................15

 IMPLICATION ON THE WORLD............................................................................16

 WHAT DOES THIS MEAN FOR INDIA?................................................................16

CONCLUSION..........................................................................................................................18

BIBLIOOGRAPHY...................................................................................................................19

III
CERTIFICATE

This is to certify that the project has been undertaken and completed by Juhi Mandhare who is
currently studying BALLB (Hons.) at the National Law Institute University, Bhopal. It is also
certified that the project has been prepared through her own work and research under the
guidance of Prof. C. Rajasekhar on the topic “Brexit and its Economic Implications” All the
sources used for the research have been duly acknowledged in the footnotes and bibliography.

Thank you

(Signature of the student)

IV
ACKOWLEDGEMENT

I would sincerely like to acknowledge and thank the Vice Chancellor Dr V Vijaykumar, and
Dean Undergraduate Studies Dr Ghayur Alam as well as the Professor for Economics Prof. C.
Rajasekhar for giving me the opportunity to work on such a project that enlightened me in not
just one but many ways and helped me understand the concept of research in detail.

I would especially like to extend my gratitude to my teacher for guiding me throughout the due
course of the project and helping me out wherever possible.

Last but not the least I would like to acknowledge the efforts of my family and friends for
helping me make this project happen.

June 24th, 2021

NLIU, Bhopal

V
CHAPTER I

SYNOPSIS

 INTRODUCTION

The world is a complicated structure with diplomatic relations, wars, economic competition etc.
however the countries usually try to work out measures to work together and counter measures to
take down a common enemy. It is important to have great relations with some of the militarily
and economically powerful countries, while one cannot disregard those gold mines like countries
that are abundantly rich in natural resources; those too are the countries that you would need a
better cooperation with. To achieve this, the countries form regional associations, wherein they
not only entertain mutual cooperation that would benefit also the members but in some cases also
represent themselves as a single entity in the international domain, like the European Union and
sometimes while they may not exist in the international domain as a single entity, they do have a
united front in regional matters. As mentioned, European Union aka the EU is represented in
many international matters as a single entity and its members are some of the major economies
of the world making it a much important organization. However on January 31, 2020 the United
Kingdom officially withdrew from the EU1, marking one of the biggest international decisions of
the year. For the purpose of this project we would be looking at the structure and importance of
the EU in the international market while mainly focusing on the economic implication of
‘Brexit’.

 STATEMENT OF PROBLEM

The economic and political setback to both, EU and the United Kingdom following Brexit would
probably be much larger than what the two countries have anticipated and the its implication on
international trade may also be felt for a long time.

1
EUR-Lex Access to European Union law, EU, https://eur-lex.europa.eu/content/news/Brexit-UK-withdrawal-from-
the-eu.html (last visited Jun 30, 2021).

6
  HYPOTHESIS

With the exit of the United Kingdom from the European Union, India too would inevitably face
the negative impacts with it; however this decision of the UK might affect it in the long run with
a lot of new overhead costs and a declining pound along with a pandemic to sustain.

 RESEARCH QUESTIONS

1. What are the factors that played a role in and lead to the exit of the United Kingdom from
the EU?
2. What are the benefits that United Kingdom leaves behind following its exit?
3. What are the major economic challenges that the world and India, specifically, would
face following Brexit?

 RESEARCH OBJECTIVES

1. To research upon the history of EU and its association with the United Kingdom.
2. To determine the effects of Brexit on the Indian Economy.
3. To understand the benefits and drawbacks of being a part of a regional cooperation.

 REVIEW OF LITERATURE

1. UK-EU Trade and Cooperation Agreement2

The agreement comes after the rigorous period of negotiations between the two entities and was
signed on 30th December, 2020. The agreement is limited to only certain aspects such as trade in
important goods, law and judicial framework etc. Precisely the agreement consists of:

a. A Free Trade Agreement, with ambitious cooperation on economic, social, environmental

and fisheries issues,
b. A close partnership on citizens’ security,
2
The EU-UK Trade and Cooperation Agreement, EUROPEAN COMMISSION, https://ec.europa.eu/info/relations-
united-kingdom/eu-uk-trade-and-cooperation-agreement_en last visited 30 Jun. 2021

7
 c. An overarching governance framework.

It is silent on the matters of foreign policy; defense etc. further UK has opted out of the
negotiation towards “equivalences for financial services, the adequacy of the UK data protection
regime, or the assessment of the UK’s sanitary and phytosanitary regime.” 3 For the purpose of
this project, the trade agreement has been referred to in its complete capacity to understand the
scenario post BREXIT. The conditions laid down in the agreement between the UK and the EU
have been touched upon and analyzed to specifically understand what the UK leaves behind.

2. Brexit’s Long-Run Effects on the U.K. Economy4

The paper authored by John Van Reenen is a calculative insight into the historic move of
Britain’s withdrawal from the European Union. As the name suggests, the paper has been drafted
to study the long term effects of Brexit on the UK’s economy and to do so, the author takes up
various aspects that are bound to be affected with this decision and analyzes the impact on them
from various perspectives. He takes up indicators such as Trade, FDI, Immigration, Rules etc.
uses a conclusive effects of these to indicate the long term effect of Brexit.

For the purpose of this project, the text has been carefully reviewed and aspects of it have been
included in the project, mostly dealing with the effects on the UK economy since the project
deals with the economic implications of BREXIT.

3
Id.
4
VAN REENEN, JOHN. "Brexit’s Long-Run Effects on the U.K. Economy." Brookings Papers on Economic
Activity, 2016, 367-83. http://www.jstor.org/stable/90000441 last visited June 30, 2021.

8
CHAPTER II

WHAT IS THE EUROPEAN UNION?

It is no secret that regions all over the world had faced an impact of both the World Wars and the
worst hit were the ones that were in the forefront, on the battlefield. By the time the World War
II had come to an end, countries had understood the gravity of the economic loss as well as of the
moral duty they had rigged by loss of lives of millions of people. It is important to note that the
World Wars had most of the European countries pitted against each other and it was important
that these countries resolve their differences for a prospering Europe. Thus it is against this
backdrop that the European Union had come about beginning from the Schuman Declaration 5 in
recognition of the idea proposed by Winston Churchill of a ‘United States of Europe’. The
foundation of the EU was the idea to "make war unthinkable and materially impossible".6

The Europeans now wanted cooperation in the region because they had experienced the worst in
the form of the two wars. In 1950, France proposed via the Schuman Declaration, cooperation
between it and Germany, mainly for coal and steel production and in 1951 they established the
European Coal and Steel Community (ECSC) via the Treaty of Paris with six member States i.e.
France, West Germany, Netherlands, Italy, Belgium and Luxembourg. 7 These member nations
helped each other economically, especially with the trade while they also played a major role in
creating jobs in these areas. Further the community also received support from America, George
C. Marshall the then American Secretary of State provided Europe with 100 Billion USD (figure
in present values) to rebuild the region.

Following the successful results of the ECSC and the need of the time, two new communities
were created for better cooperation on other aspects, thus in 1957 via the Treaty of Rome which
are the European Economic Community (EEC) and the European Atomic Energy Community
5
The Schuman Declaration: where the EU was born, COUNCIL OF THE EUROPEAN UNION (May 7, 2020),
https://www.consilium.europa.eu/en/70-schuman-declaration/ (last visited Jun 30, 2021).
6
Id.
7
Gabel M. J. Creation of the European Economic Community, ENCYCLOPEDIA BRITANNICA (Jan. 31, 2021),
https://www.britannica.com/topic/European-Union/Creation-of-the-European-Economic-Community (last visited
Jun 25, 2021).

9
(EURATOM) thus creating the European Communities. As the name suggests one aimed at
nuclear energy cooperation and the other aimed at the bringing together the European markets to
manage trade in various goods and work through the tariff control. When the situation called for
a more integrated system a Brussels Treaty was signed in 1965 8, after which the three different
communities were managed under one higher body i.e. a single Commission, Council and
Assembly for all three. Over the years a number of countries joined the endeavor; however
France vetoed the requests of the United Kingdom to join the council citing its close ties with the
USA until it finally secured a place in the association in 1973. 9 The EU (not yet officially named
so) continued to work for regional prosperity while it created a safe space for trade with other
countries. The world was interested in this economically boosting regional group and soon
foreign trade saw an all-time hike.

Though we refer to the organizations as EU, it was not until the Treaty of Maastricht 10 that was
signed in 1992 that the organization officially came to be known as the European Union. The
Treaty named the three pillars on which the Union came to base itself i.e.

1. The European Community

2. The common foreign and security policy (CFSP)
3. Cooperation in the fields of justice and home affairs

EU faced its fair share of ups and down over the course of its existence, however it came as a
shock to many when the once desperate United Kingdom withdrew from the organization for it
put upon itself and on the EU a very heavy obligation. As of 2020 the European Union has 27
member states that are connected politically and financially with exclusive EU institutions
independent from those of the member states, further the members of the European Parliament
are elected directly by the citizens of the member country. 11 The EU members share the same
foreign policy under the Common Foreign and Security Policy (CFSP) and 19 of the member
states also share a common currency i.e. the Euro.
8
Supra (at 4)
9
A brief History of the EU, THE UK IN A CHANGING EUROPE
https://ukandeu.ac.uk/wp-content/uploads/2016/06/Factsheet-on-timeline.pdf last visited 26 June, 2021.
10
Supra (at 4)
11
European Parliament, EUROPEAN UNION
https://europa.eu/european-union/about-eu/institutions-bodies/european-parliament_en last visited 26 June, 2021

10
CHAPTER III

THE EXIT OF UNITED KINGDOM: BREXIT

 THE UNITED KINGDOM

The United Kingdom is made up of four island nations namely England, Scotland, Wales (all
three located on the island of Great Britain) and Northern Ireland and is a Constitutional
Monarchy and has been ruled by Queen Elizabeth II since 1952. The UK became a part of the
European Union in 1973, much later than its establishment as its earlier attempts for membership
were vetoed by France.12

 THE 2016 REFERENDUM AND WHY THE BRITISH CHOSE TO LEAVE

When a country’s government makes any decision, opposition by some of that decision is only
natural and each person has the legal right to dissent and have an opinion and same was the case
with the United Kingdom’s decision to join the European Union. A number of individuals were
against the decision yet the majority favored it but only until the 2016. In a referendum
conducted by the then Prime Minister of the United Kingdom, David Cameron’s party, almost
52% of the people voted in favor of the UK leaving EU13 while Cameron himself was an
advocate of Britain’s continued relationship with the EU. Following this Cameron resigned and
Theresa May of the Conservative Party took over his position after which the “Brexit
Negotiations”14 began.

The question arises is that why did the British citizens no more wanted to be a part of the
European Union? The answer to this question was researched and analyzed by many 15 and if we
read all of them together we arrive at 3 major conclusions

12
Supra (at 6)
13
Results: EU Referendum, BBC https://www.bbc.co.uk/news/politics/eu_referendum/results last visited 30 Jun.
2021
14
Brexit negotiations, EUROPEAN COMMISSION (Sept. 9, 2020),
https://wayback.archiveit.org/11980/20201222145230/https:/ec.europa.eu/commission/brexit-negotiations_en (last
visited Jun 30, 2021).
15
Dean Richards, Why did Britain vote to leave the European Union? MEDIUM (2020),
https://medium.com/@mydoctrinesays/why-did-britain-vote-to-leave-the-european-union-essay-cbf35a3b32cc (last
visited Jun 30, 2021).

11
 1. The EU allowed for free movement amongst its members and also has given the right to
the citizens of the member state to work freely in any member state and over the years
many countries have joined the EU thus bestowing more and more countries with the
same right. Following this the citizens of UK had to deal with an influx of immigrants 16,
while also having to take in the war refugees from the stricken Arab countries.
2. The next was the citizens’ belief that EU’s membership seemed to have failed them
following the 2008 economic recession. The entire world had been affected by the 2008
global economic crisis and so was the United Kingdom but there was hardly a recovery
and the EU had a little role to play in it.17
3. The averting or the push factor was also a threat to sovereignty and national identity of
the Britons as many of the important decisions pertaining to the nation and its citizens
were being taken by the EU institutions, which made the citizens question their
sovereignty and further a greater integration into the EU meant a declining sense of
national identity amongst the people, where too much integration led to their own culture
being undermined, now they recognized themselves more as people emerging from EU
rather than the UK.

In 2017, Theresa May evoked Article 50 of the Treaty of Lisbon, which allows for a member
state to voluntarily withdraw from the European Union on the basis of certain guidelines to
govern the withdrawal effectively. For almost two and a half years the UK was involved in what
is known as the “Brexit Negotiations” wherein they discussed the best manner possible for
Britain’s exit while making sure that none of the countries involved suffered major losses and
hence a negotiation policy was drafted keeping in mind almost all the aspects of previous
cooperation.18

 WHAT BENEFITS DID UK HAVE AS A MEMBER OF EU?

16
In search of jobs from neighboring countries to far away countries, causing the loss of employment opportunities
and sharing of opportunities and benefits.
17
Various, Daniel Gover & Professor Michael Kenny, Why did Britain vote to leave the European Union? UK
IN A CHANGING EUROPE in a changing Europe (Oct. 08, 2020), https://ukandeu.ac.uk/why-did-britain-vote-to-
leave-the-european-union/ (last visited Jun 30, 2021).
18
EU-UK negotiations on the future relationship, COUNCIL OF THE EUROPEAN UNION (2021)
https://www.consilium.europa.eu/en/policies/eu-uk-negotiations-on-the-future-relationship/ last visited 28 Jun. 2021

12
As a member of the European Union the United Kingdom enjoyed a certain benefits that were
considered as a privilege, especially because it ensured a certain standard of living for all the
member nations along with easy movement across territories, better and more flourishing trade,
the ease of doing business, easier taxation system, better prices along with the legal and social
benefits of protecting the rights of its citizens, working against income disparities and towards a
better future. An organization that provided equal benefits to nations irrespective of their
economic outreach, it acted as a boon to the poor nations. EU has also helped in curbing various
environmental issues of international importance such as global warming and acid rain and is a
hub for consumer benefits like substantially reducing the prices of international countries,
creating healthy competition and so on. Thus there’s a lot that the UK may have left behind.

CHAPTER IV

IMPLICATIONS OF BREXIT

 IMPLICATION ON UK

13
No doubt that UK’s exit from the European Union will strip it off of the various benefits that the
members exclusively enjoy and out of the basic understanding, we can deduce that the UK
economy would face problems with its stability especially in the European region and more so
because UK failed to bring about an open trade agreement with the EU, rather what has been
decided is for UK to conduct trade according to the WTO rules, causing a substantial loss to
subsequent trade with the EU economies and according to a study 19 and analysis conducted by
Charles P. Ries and Marco Hafner, UK’s GDP, under the WTO rules would decrease up to 5%
i.e. $140 Billion USD and though EU would also face a loss of trade it would only amount to
0.7% of its GDP in the next ten years.20 The United Kingdom also loses its AAA rating in the
loan credibility that all the EU members were bestowed upon.

Another report analyzing the decision stated that “that by reducing trade, Brexit would lower UK
living standards”,21 moreover the fall in trade would amount to a fall in the average annual
household income in UK between £850 and £1,700 every year. 22 The Brexit is set to lower the
UK’s growth by 6.7% in the next 15 years and the value of the British Pound also lost upon its
international value and fell from $1.48 to $1.36.

The borders have risen up between the EU and the UK, with new border formalities the exports
from the UK see new difficulties. Sectors such as agriculture and fishing and industry have also
seen a constant decline with the engaged individuals facing high taxes, prices levied at the
customs and a loss in the EU markets. British manufacturers reported a near-record increase in
supply chain disruption and rising costs, attributed to Brexit and the pandemic, in an IHS
Markit/CIPS survey carried out in February.23 UK must also reevaluate its foreign policies to suit
the post Brexit status of the country. With more emphasis on the countries outside of Europe
which could be of the same advantage to it as was the EU, otherwise UK stands in a quicksand of
definite loss with a global pandemic at head.
19
Charles P. Ries & Marco Hanfer, Economic Impliications of Brexit, RAND CORP.
https://www.rand.org/randeurope/research/projects/brexit-economic-implications.html last visited 29 Jun. 2021.
20
Id.
21
S. Dhingra, G. Ottaviano, T. Sampson and J.V. Reenen, The consequences of Brexit for UK trade and living
standards, CENTRE FOR ECONOMIC PERFORMANCE (LSE), https://cep.lse.ac.uk/pubs/download/brexit02.pdf
last visited 30 Jun. 2021.
22
Id.
23
Alasdair Sandford, 100 days on, what impact has Brexit had on UK-EU trade?, EURONEWS, April 11, 2021,
https://www.euronews.com/2021/03/31/brexit-three-months-on-uk-eu-trade-trouble-deeper-than-teething-problems-
say-producers (last visited Jun 30, 2021).

14
  IMPLICATION ON THE WORLD

The term world economy refers to all of the economic activity within each country and between
countries around the world.24 It is an aggregate of the total economic output of the world and like
in all areas; world economy too has faced fluctuations which happen due to changes in various
countries’ economies individually, this change is much noticeable when the major contributors
such as the US, India, China etc. face internal economic disturbances. While the member
countries of the EU too contribute substantially to the world economy, as a whole EU contributes
a total of 15.3% to the World GDP25 and the UK contributes 1.6% to the total share.26

The world is bound to see a changing mechanism of trade in the UK systems, with its more focus
out of the bloc, however with a depreciation of the British Pound, investors in this area from all
over the world are in line to face losses, especially considering that they appreciated the UK
markets all in all for their ability to help them penetrate into 27 other countries with ease.
Students will be affected; who were earlier easily accepted into various EU Universities from
either side will now face a competition of hoards of foreign outsiders. Further the world
economy would see a dramatic pressure on the US $ and the Japanese ¥ with a depreciation of
the euro, which may or may not be a good sign depending upon the nation. China too will be
under pressure, with the higher U.S. dollar to float the yuan lower.

Though the smaller economies may not face much effects of the Brexit i.e. unless they’re not
directly linked to it, it is the supreme economies that would be tangled up in a game of
fluctuations.

 WHAT DOES THIS MEAN FOR INDIA?

India has a long history of trade and colonization with the European Countries and especially the
UK. Following the independence of India in the year 1947, India had become equipped with the
24
Brianna Whiting, World Economy: Definition & History, STUDY.COM https://study.com/academy/lesson/world-
economy-definition-history.html (last visited Jun 30, 2021).
25
Kimberly Amadeo & Thomas J. Cataland, Largest Economies in the World, THE BALANCE (May 5, 2021),
https://www.thebalance.com/world-s-largest-economy-3306044 (last visited Jun 30, 2021).
26
Jeff Desjardins, These countries are leading the way on growth, WORLD ECONOMIC FORUM,
https://www.weforum.org/agenda/2017/10/these-countries-are-leading-the-way-on-growth (last visited Jun 30,
2021).

15
trading business in the international market however it was not until 1991 that India opened itself
welcomingly to the worldwide investments and trade. UK had always remained a prospective
trade partner for India. The UK is the third-largest source of foreign direct investment in India
and India’s largest G20 investor. From people to goods to services, UK & India have remained
as trading partners in almost all aspects and with the UK India has mostly remained in a trade
surplus.27

With the onset of Brexit, the pound has been predicted to fall dramatically and that poses a threat
to not only the country internally but also with its trade allies. To India, UK had been a point of
entry into the markets of the European Union countries; however with the exit of Britain from
the bloc, India now stands on its own and must find other ways to penetrate the EU markets.
Further various Indian multinationals have set up bases in the UK in the hopes of a wider range
of customers and a profitable marketplace, yet these would face a substantial decline as trade
with other European countries would become difficult. With the fall in the value of pound,
Indian exports to UK would also suffer and so would the outsourced services. There is also a
threat to the value of rupee which might weaken as India exports more to UK alone than the rest
of the Europe combined and since UK and EU account for 23.7 percent of Rupee’s effective
exchange rate and Brexit would cause an out flow of foreign portfolio investment.28

However not all has gone down the drain for India as with UK not a part of the EU anymore, it
would look for more trade opportunities outside the region and India will have a role to play
there. With UK being one of the top investors to India within the G20 nations, it is clear that it
sees potential within the Indian markets. Next India now has the opportunity to (though some
may refer to it as a downside) to negotiate a free trade agreement with both the sides i.e. with the
EU & UK separately. With a separate FTA with the EU, India can work upon changes free of the
UK's political influence and without the pressure of pleasing the nation. The drop in pound is
also to an extent welcoming with the availability of cheaper goods within India as imports from

27
Dr. SP Sharma, India – UK Trade Relations and Societal Links: Way Forward, PHD CHAMBER
https://www.phdcci.in/wp-content/uploads/2018/12/Paper-presented-at-University-of-Portsmouth-on-India-UK-
Trade-Relations-and-Societal-Links-Way-Forward.pdf last visited Jun 30, 2021
28
Yashvardhan Kumar Sinha, Implications of BREXIT and the prospects of an India-UK FTA, MINISTRY OF
EXTERNAL AFFAIRS, Government of India (Sept. 20, 2019), https://www.mea.gov.in/distinguished-lectures-
detail.htm?847 (last visited Jun 29, 2021)

16
the UK would see a rise in India. The IT industry and exports may see a short-term downfall 29
but with the EU out of the way the companies in this sector might get more attention from the
UK for more affordable services.

CONCLUSION

Even though with the exit of Britain from the EU, sourness may remain between the two entities
on some matters, a political divide is not likely to occur. The EU is not just a trade bloc, it is an
entire nation in itself and hence for UK, though not everything, some aspects of the outside
market may be new and not so beneficial. It is no doubt that UK has not only lost upon 27 of the
most established markets (Since the EU countries would prefer to trade first within the bloc), it
has also lost upon a number of monetary and political benefits. Further with the COVID 19
pandemic, resource drain from UK is a sure shot call. Not only this, it also loses, to a certain
29
Id.

17
extent, the credibility it enjoyed before, in various sectors, as a member of the EU. It can be also
deduced that identity and immigration and such other sociological factors have played a larger
role in the decision of the UK citizens to drop out of the EU. It is necessary that the governments
take into account these factors of sociological relevance and work upon them.

We noted that UK is in line to face a setback with this decision, however it must also be taken
into consideration that, however brutal, for centuries England had single-handedly taken over the
largest of the nations and though this is not presently of much relevance, it does act as an
indicator of UK’s capabilities as a nation. UK has established itself in the various aspects of the
world and is a significant standalone contributor to the World economy. Further UK too has
significant contributions to the Commonwealth of nations and NATO, along with trade ties with
various other nations and so it may be a short downfall for the UK, it is too soon to be all over
for the country. And as far as the long term effects are predicted, almost all the countries of the
world have been hit by the COVID 19 aftereffect of a declining economy and they have to work
together to in the era of globalization to get back up and UK would have the opportunity to cover
up the differences then.

BIBLIOGRAPHY

1. UK-EU Trade and Cooperation Agreement

2. Brexit’s Long-Run Effects on the U.K. Economy by John Van Reenen
3. India – UK Trade Relations and Societal Links: Way Forward, Dr. SP Sharma
4. Implications of BREXIT and the prospects of an India-UK FTA, Yashvardhan Kumar
Sinha

ONLINE SOURCES

18
1. The European Commission https://ec.europa.eu/
2. EuroNews https://www.euronews.com
3. World Economic Forum https://www.weforum.org
4. The Balance https://www.thebalance.com/
5. The RAND https://www.rand.org
6. Consilium https://www.consilium.europa.eu

19