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Jakobsen: No matter what Britain votes, the EU is changed for good
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The June 23 vote in Britain on whether to remain a member of the European Union could not come at a worse time for Europe and regardless of the outcome the EU will be forever changed, says Saxo Bank’s Steen Jakobsen.
He explains why a deal struck between the EU and British Prime Minister David Cameron is fundamentally in breach of the EU’s ruling principles such as free movement of people and capital. The deal is likely to force the EU to split into those who want more and those who want less integration, Jakobsen says.
Jakobsen says the market reaction reflects the uncertainty about the future of the UK in the EU and that securing a Yes vote on June 23 could prove a challenge for Cameron even if he eventually will win the referendum.