Brexit: Four European Dilemmas
Friday 20th May 2016
About the speaker: César Molinas is founding partner of Multa Paucis, a financial consulting firm. He also is founding partner, director of the board and member of the Investment Commission of CRB Inverbio, a venture capital firm focusing on start-ups in biotechnology. César has a long experience in public administration. In 1985-1994 he held the position of Director General of Planning in the ministry of Economics & Finance; he was the manager of all European structural funds in Spain; and he was chief economist with the CNMV, the national financial markets regulator in Spain. He has been board director of RENFE, the national railway company, Correos, the national post office, and other government-owned companies. He has published eight books on mathematics, economics and politics, and many articles in academic journals. He also contributes frequently to written and audio-visual media. He holds a first degree in mathematics, an MSc in econometrics and mathematical economics from the LSE and a PhD in economics from the University of Barcelona.
About the event: Dr. Molinas brilliantly exposed his views on the Brexit situation. According to him, British proposals to reform the EU aim to reduce European integration. Such proposals should not be ignored because they put forward dilemmas about the nature of the EU, a debate that has been procrastinated for too long. In his presentation, Dr. Molinas explored in detail the dilemmas that British proposals on Brexit pose for the future of the EU. Among other things, he argued that the approach for the EU as a whole and for the Economic Zone could and should be different. The future viability of the EZ crucially depends on economic convergence between its members, and legitimacy and democratization of is main institutions. However, it is imaginable a much more heterogeneous future for the UE. In the latter scenario, national sovereignty should keep a much more relevant role and a lesser degree of convergence should be possible. However, in order to avoid huge intra-EU migration flows, action should be taken through a renewed Structural Funds setup focusing on education and human capital. According to Dr. Molinas, this structural action would reinforce the legitimacy of the EU because in the present world legitimacy is achieved through the management of the welfare state.
The Madariaga Series would like to thank Dr. Molinas for sharing his interesting views with us. We would also like to thank Magdalen College for hosting the colloquium.