European leaders are gathering in Rome on Saturday to celebrate the 60th anniversary of the European Union but one of its members is missing the party.
U.K. Prime Minister Theresa May is not attending the celebrations in Italy, where the other 27 heads of state will be discussing how to take the EU further.
"It will be a celebration with a bittersweet taste as the future path for Europe has probably never been more unclear than today," ING said in a note on Friday.
Looking at the current state of the EU, not only is the U.K. about to set a precedent by leaving the union but there are other issues to resolve. The refugee crisis, the moribund economic recovery, the rise of populism and anti-EU sentiment are only a few examples of that.
Frans Timmermans, the first vice-president of the European Commission, told CNBC on Thursday that Europe will have to come up with better proposals to stop people from turning to nationalistic parties.
"The European Commission has officially restarted the discussion on the future of Europe. A discussion deemed necessary after the Brexit vote," ING added.
The executive arm of the EU has proposed five options as to how the 27 countries should evolve in an attempt to stop the anti-EU rhetoric across the bloc and prevent other countries from following the U.K.'s example.
The option that seems to be gathering the most support would allow countries to integrate at different speeds – the idea of a two-speed Europe. However, analysts have their doubts as to whether it would improve the Union.
"(The EU) will seriously consider the strategy of moving forward at multiple speeds, which enjoys solid political backing in many of the 'older' EU states – although the EU would have to apply this strategy with care, to address the concern that multiple speeds could lead to new divisions in the EU," Reinhard Cluse, economist at UBS, said in a note on Friday.
Indeed some countries see this option as a threat that would marginalize them from the core European countries.