Current Event
There was a decision to quit the EU, the Brexit scenario would result in an "extended period of uncertainty" for Britain that undermines its stability and economic prospects, they wrote an open letter to The Times. "A strong Britain, inside the European Union, remains the best hope in our view for securing Britain's future, creating a more prosperous Europe and protecting a healthy and resilient global economy," wrote the former U.S. officials. The former officials acknowledges Britons must decide for themselves on June 23, but said Americans have a "critical interest in the outcome of the vote." George Schultz, Larry Summers, W. Michael Blumenthal, Robert Rubin, Paul O'Neill, John Snow, Hank Paulson and Timothy Geithner signed the letter. The intervention comes ahead of a visit by President Obama to the U.K. this week in which he is expected to argue against Brexit. Geithner, Paulson and co. underlined the risk to London's role as a global financial center: "EU membership allows banks based in London to sell their services across Europe without needing multiple regulatory approvals in each country. While Britain will remain an attractive center for finance even if Britain exits, it should not take for granted its global primacy when it is no longer the gateway to Europe, the good, the bad and the ugly Brexit scenarios. Campaigners for Brexit say Britain would be better off leaving the EU because it would no longer have to pay money into the bloc's budget, could abandon costly European regulations, limit immigration and negotiate its own free trade deals. The former U.S. officials cast doubt on those claims, warning that an exit would "likely disrupt and reduce trade flows" and curtail "the scale and efficiency benefits from economic cooperation and integration." "Over time, Britain would no doubt be able to reestablish ties through new trade agreements," they claimed "But as our own experience in the United States with trade negotiations...