Last Thursday, June 23th, the United Kingdom (UK) voted to leave the European Union by 51.9% to 48.1%. Friday, June 24th, markets dropped in response.
In joining the European Union, member states submit the Treaty on the Functioning of the European Union. Article 288 of this treaty states that all regulations, directives, and decisions of the European Union shall be “binding in its entirety” and as such have the force of law overriding all merely national laws and requiring that such legislation be modified into consistency with the European Union’s regulation.
There is no method for a member state …Read More