The European Union (EU) needs to introspect what it stands for, Luxembourg's finance minister told CNBC after the U.K. sent shockwaves across the world by voting to leave the political and economic bloc.
Britons voted in a referendum on June 23, where the leave camp shocked markets by securing 51.9 percent of the vote, with 17.4 million votes.
The ramifications of the unexpected result have been reverberating across the wider political and economic establishment since Friday.
British Prime Minister David Cameron resigned, Scotland's First minister Nicola Sturgeon hinted at a likely fresh independence vote, and around $2.1 trillion was wiped off the value of global financial markets.
"We have to ask ourselves questions. Why is it that Europe seems to be losing momentum and why is Europe less attractive than it used to be?" Pierre Gramegna told CNBC at the sidelines of the Asian Infrastructure Investment Bank's first annual meeting over the weekend.
"[The EU] has delivered prosperity, high social standards ... but nevertheless it seems that the population and the people are not always getting all the benefits, so we have to explain more," he added.
A hot button issue for British voters in the lead up to the vote was EU's policy on immigration, with waves of refugees entering Europe from the Middle East in recent years.