A few days have now passed (including the weekend, which is always useful for assessing the situation without market pressure) since the British people voted to leave the European Union. What happens now? Using the phases recently mentioned by the Governor of the Bank of France, François Villeroy de Galhau, we could speak of: first, combating the financial shock; second, facilitating an orderly divorce; and third, managing the European project.
As you can see, in Europe we always have a strategy planned for the future. In fact, before the referendum, it was repeatedly stated at a political level that there was no Plan B in the event of Brexit. And certainly, financial investors did not anticipate it either.
This contrasts with the unwritten rule that “the markets are always right, based on the available information.” But didn’t the polls show a high probability of this happening? In the end, the remaining sensation is that simply no one wanted to accept that this could occur.
