CNBC/Karen Gilchrist/2-24-2017
“Make no mistake, there is the world of difference between tearing up bilateral and multilateral trade agreements, and, unwinding a monetary union as far reaching in scope as the EMU (economic and monetary union) project,” Deutsche Bank said in a note Tuesday. “It is the difference between a benign global risk event and something that has the potential to go beyond a ‘Lehman’s moment’.
MK note: Two essential mental plug-ins come to mind. One, Marine LePen who promises a Frexit referendum is ahead in the polls. Two, the last time France voted on the EU it was on the question of a European constitution and it voted “against.” Note Deutsche is not calling Frexit a “Lehman moment,” but “beyond a Lehman moment.”
