Sunday 4 December 2016

Big EU players can take Brexit hit - it could be knock-out blow for us

Published 07/07/2016 | 02:30

Pedestrians walk past the former European Central Bank HQ in Frankfurt Photo: Krisztian Bocsi/Bloomberg
Pedestrians walk past the former European Central Bank HQ in Frankfurt Photo: Krisztian Bocsi/Bloomberg

We live in an ever more interconnected world. So goes the cliché, even if that doesn't make it any less true. But some are more interconnected than others.

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Small countries are almost always more plugged in to the rest of the world than bigger ones. One important reason for this is because they do not have the scale to make big, complicated, mass-production goods such as cars. Countries such as Ireland, Denmark and Greece make no cars or trucks. Everything with tyres that moves in these countries is bought from abroad.

That contrasts with western Europe's four largest countries. Britain, France, Germany and Italy all have auto industries. As such, people in those countries are less dependent on imported vehicles to get about.

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