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In the wake of the Brexit vote, the UK and the EU are entering a period of prolonged uncertainty. Brexit happened partly because the British and wider European economies were struggling with the aftermath of the global financial crisis and a slowing global economy. But it has now made these economic challenges far more severe. Fears of a sharp slowdown loom over the UK economy. Meanwhile, the rest of the EU, already struggling with the eurozone crisis and the management of inward migration, has to forge a new relationship with a vital market, its leading financial centre, an essential security partner and an important link to the wider world. Martin Wolf, chief commentator on economics at the Financial Times, shared his perspective on the implications for Europe and the global economy.