Although the UK enjoyed an opt-out from EMU, Chang explains that it was influential in its development. The UK successfully defended its interests in financial services despite EMU. Moreover, it often acted as a shield for non-Eurozone countries. Therefore, the withdrawal of the UK from the EU is likely to have an impact within the EMU, altering interstate alliances, changing the balance between euro-ins and euro-outs, and reducing the need to act outside the legal framework of the EU. In addition, the shortfall in the EU budget resulting from the end of the UK financial contributions may change the stakes in fiscal negotiations, creating room for the establishment of a Eurozone fiscal capacity. Finally, it is uncertain to what extent post-Brexit the EU may be able to push forward with the Capital Markets Union and whether the UK may stay connected to it.
