The EU's high representative for foreign policy, Federica Mogherini, said today in Davos that the Union would face great economic risks if its members abandoned the Schengen agreement.
Mogherini warned at the World Economic Forum of the dangers to trade and business if the agreement on the borderless Schengen area were to be scrapped due to migration and security concerns.
If the costs of "fragmentation of the EU" are added to the economic difficulties of the Union, then there is a "danger of something much greater than protection in accepting refugees", said Federica Mogherini.
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