PARIS, June 24. /TASS/. France’s former President Nicolas Sarkozy has come up for a profound reform of the European Union following Great Britain’s referendum on its EU membership and for admitting no new members to the European Union.

"The choice of the British should be respected. The referendum results reflect the opinion of many Europeans, including many French nationals," Sarkozy said on Friday. "Europe cannot function as it used to. The European leaders are facing a pressing problem of urgent reforms of the European Union."

He said step one of the reform of European institutions is a new agreement between the Schengen zone countries. "We need a Schengen agreement-2. Europe’s outer borders are to be strengthened," he said.

Apart from that, in his words, Eurozone countries should form their own "economic government." "We don’t need the IMF to regulate internal issues in the Eurozone," the former president said, adding that the European Commission’s competences should be limited. "All major decisions are to be taken at summits of the EU leaders and by the European Parliament," he noted.

Moreover, according to Sarkozy, the European Union should stop admitting new members. "The process of Europe’s expansion should be stopped. Visa liberalization for Turkey is an irresponsible decision. There is no room for Turkey in the European Union," he underscored.

Some 52% of UK citizens (17.41 million people) voted on Thursday for leaving the European Union, while 48% (16.14 million) were in favor of remaining part of the bloc.

The referendum is of non-binding character, which means that its results can be either endorsed or turned down by parliament. Moreover, another referendum may be organized. British Prime Minister David Cameron however promised to respect the will of the British people who voted for quitting the European Union.