The Times of London has a good analysis.
WHATEVER YOU think of European integration, there is something inspiring about 20 million people who, having been told what to do by their most respected politicians and after listening attentively, then do the exact opposite.
This week’s referendums in France and the Netherlands are probably the most significant event in European history since the end of the Cold War. As in Germany after its citizens found that they could smash symbolic chunks out of the Berlin Wall with impunity, everyday life in Europe may go on as before, but nothing will ever be quite the same. But don’t expect to hear much serious debate about the significance of this popular revolt against “the idea of Europe” for many months. The first reaction will be to pretend, or even to believe sincerely, that nothing much has happened.
The single market and the merging of foreign trade policies did genuinely create prosperity, but every subsequent project of European integration not only failed to deliver the results politicians promised but also made conditions worse. The single currency has been the most egregious. In exchange for giving up the basic tenet of sovereignty — the right to mint a currency and thereby manage the national economy — the EU promised economic prosperity and full employment. Instead the single currency has condemned the eurozone to stagnation and mass unemployment.
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