Many Questions Remain on Brexit, Kennard Says
Former FCC Chairman William Kennard agrees “no one really knows where [Brexit] ends up (see 1606270075), he said Tuesday. Kennard was U.S. ambassador to the EU. “My best guess at this early stage is that Britain will seek to negotiate…
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a Norwegian-style arrangement with the EU which gives it access to the EU Common Market,” Kennard emailed. He was affiliated with Grain Management, a wireless company. Meanwhile, CTA President Gary Shapiro said Tuesday the Brexit vote was understandable and a potential win for the U.S. “The Brexit vote should be seen for what it is: a correction to an unbalanced, unfair, and unsuccessful system,” Shapiro said in an American Spectator opinion piece. “While the EU succeeded in easing travel and trade within the common market, its imperious Brussels regulators needed a reminder that overregulation stifles growth and harms innovation.” Britain’s economy won’t collapse, he said. “Switzerland and Norway have voted against joining the EU, while strengthening their own trade ties with the common market and maintaining strong currency valuation.” For the U.S., the Brexit vote offers new opportunities, Shapiro said: “The vote creates a chance to strengthen our ‘Special Relationship’ and even formalize a trade agreement with Britain.”