The world’s financial sector may be excessively sensitive to
increasing uncertainty associated with major changes—that is, changes that
impact how large institutions, including governments, relate to each other. In
such cases, so much is at stake that forces (i.e., the major powers) tend to
manage the large-scale change with a minimum of disturbance. In short, the
status quo has too much at stake for the market’s feared uncertainty to
actualize. The British referendum on whether the E.U. state should secede is a
case in point.
The full essay is at "Essays on the E.U. Political Economy," available at Amazon.
