Carrying on with the EU project as best as possible if UK leaves

THE UK's "in-out" European Union (EU) referendum campaign moves up to top gear this week with the first TV debate featuring Prime Minister David Cameron on Thursday. With parliament now in recess and both sides in full-time campaign mode with the finish line on the horizon, European leaders are also beginning to prepare for the prospect of Brexit, potentially the worst reversal for the EU in its more than half century history.

The central concern in Brussels and European capitals is not just that the UK's departure would weaken the EU, but also that it would significantly disrupt for years to come the currently 28 member states' balance of power, inner workings and policy orientations. Discussions in Europe in recent days have therefore centred on two main levels: firstly, how to respond to the possible political trauma and financial market turmoil in the immediate aftermath of the June 23 vote, and, secondly, in the weeks and months beyond how best to emphasise the resilience and integrity of the continuing EU project.

In the immediate term, European leaders have postponed a regular EU summit of national leaders previously scheduled for June 23-24 until later in the month (June 28-29). If Britain votes to leave, it is also anticipated that the European Commission would hold an emergency meeting in the 72 hours after the result.