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Video / 26 May 2014 at 10:29 GMT

Jakobsen on what's really changed in Europe

Steen Jakobsen
As anti-EU parties make stunning gains in the European elections, notably in  Britain and France, Saxo Bank's Chief Investment Officer, Steen Jakobsen, says the ability of the bloc to move full steam ahead has been limited. The results have created challenges as far as banking union is concerned and it's created an "almost impossible" move towards fiscal and political union that's the ultimate goal of those who are pro-European. 
Steen says the people of Europe have reacted negatively to the political momentum orchestrated in Brussels and to a certain extent in Berlin. Pro-EU parties are still in the majority and so he says change isn't going to happen overnight. However, he thinks the European Union was a house "built without foundation" and now that house is "swinging in the wind".
Steen makes the point that national politicians will now have to address this eurosceptic wave. His long-held belief in investing in German bunds and core Europe remains. But individual countries need to "slow down" and refocus. He predicts that lower interest rates will prevail in the eurozone for much longer than first anticipated and that's the most direct market consequence of this election. 


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