The body of leading economic advisers to the German government has urged European politicians to find ways to halt the UK’s planned departure from the European Union.
“An exit of the United Kingdom from the EU would not only mean an economic loss, but above all a bigger political loss,” the Council of Economic Experts wrote in their annual report, which was released on Wednesday.
“The best outcome of the upcoming negotiations would therefore be if a Brexit could be averted.”
Their influential annual report traditionally focuses on just the state of the German economy. This year, however, they gave a view on the wider political arena.
“The German Council of Economic Experts calls for constructive negotiations to prevent an exit, or at the least to come to an agreement that minimises the damage on both sides,” the experts wrote.
The council is an independent academic body established in 1963 to advise the German government on macroeconomic policy.
“Due to the consequences, political actors should not assume too soon that the Brexit is a done deal,” the report read.
They argued that Brexit could still be prevented ever after the UK activates Article 50, the departure trigger.
Their main concern with Brexit concerned the political implications for the EU, rather than any potential damage to the German economy.
“Regarding Brexit, we see hardly any economic effects in the short term; of course we see the biggest impact on the United Kingdom itself,” Christoph Schmidt, the chairman of the council told a press conference.
