transition period to which Donnacha O’Connor contributed the Ireland section. … This brief guide has been prepared by the real estate finance team at Carey …

Can the European Union survive Brexit, or will it break up?

Remember this little book (hint — it’s called the Constitution for Europe and was rejected with referenda in France and the Netherlands in 2005)?

Not long ago there were two certainties in life:

1. European integration goes only one way — forward.

2. European integration means the (long-term) creation of a federalist, pan-European state, thus inevitably eroding national sovereignty.

The UK dealt with point 1 today. The EU should deal with point 2 as of tomorrow. This doesn’t mean moving to “a union of nation states”, as Jarosław Kaczyński suggested. This also doesn’t mean going back to grandiose projects removed from reality and drafted by “wise men”. It means moving the EU forward with what the EU itself was meant to do in the first place — reinvent the way we live together.

We don’t need 19th century nation-states, Farages and Jonhsons, nor 20th century bureaucracies and Junckers. We need something new — something that can address 21st century global challenges. I believe that the European Union can live up to this task — with innovation, creativity, human ingenuity and sheer European ambition.

Today, though, the EU looks hopelessly out of date — the dream of a previous generation for peace and stability in Europe that has ran its course. It’s time to reimagine it as the transformation project for the future — a source of radical reinvention in response to radicalization.

What would that look like? Let’s move on and find out.