“We will see at the presidential election (next year) which candidates commit to organize a referendum.You know I am one of those because for the past four years now I’ve said that six months after being elected, I would organize a referendum on the exit (of France) from the European Union, and that I would use these six months to negotiate with the European Union its transformation into a Europe of the nations, giving back to the French people four essential elements from its sovereignty: territorial, economic, monetary-budgetary and legislative.”
“A double reaction to Brexit is under way, one financial, one political. The financial one, at least until now, is limited. I am more worried about the political one.”
European integration is again under existential threat. And while disintegration will likely unfold over the coming years, a crisis of confidence in the markets could erupt at any point.
Confidence in Europe’s banks is faltering badly. I believe faith in the ECB’s capacity to hold the banks and securities markets together is waning.