Abstract
For the first time in its history the European Union has to face the withdrawal of one of the largest Member States on the basis of the results of the British referendum and the subsequent use of the procedure under Article 50 TEU established by the Lisbon Treaty. It is possible to attribute the blame for Brexit to the United Kingdom only or is “something rotten” in the European Union itself? Is there time to the reform of the European Union, which is weakened by the consequences of a series of crises - the Eurozone crisis, the migration crisis and Brexit itself? This contribution will focus on some of the institutional reforms associated with the consequences of Brexit and some aspects of the budgetary policy that will be undoubtedly affected by the departure of the large net contributes.