History will not be rushed
In the aftermath of the 'double no' vote on the draft European constitution, much has been written about the crisis in Europe. David Rowe argues that, while much of this is overblown, trying to rush history can be a risky undertaking
Markets dislike uncertainty in general but detest political uncertainty most of all. This was demonstrated again in the aftermath of the double rejection of the draft European constitution by France and the Netherlands in May. The euro hit recent lows against the dollar, a trend that was exacerbated by open discussion of a desire on the part of some in Italy to withdraw from the eurozone and restore the lira. If anything, however, market reaction was mild compared with the
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