"The real effect of Brexit is that it tears Pandora's box open. Despite all the tools that were activated by, say, the European Central Bank [ECB], liquidity bombs that were injected into the market, low energy prices...the real effect is that markets are now growing acutely aware of political risk." That's what Francesco Galietti, founder of the Rome-based political risk consultancy Policy Sonar and a veteran of the Italian treasury, told Jacob Heilbrunn, editor of the National Interest, in a Facebook Live interview. Galietti also discusses possible outcomes for Britain's relationship with the European Union, such as a Norway-like hybrid status, which he suggests is not a bad option for London.

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