The aftermath

Two resounding referendum defeats in three days has surely killed of the European constitution. The EU faces a political crisis. But does it face a financial one too? Clearly, some traders are nervous. A magazine report that the German finance minister had participated in a discussion of the possible failure of the euro was enough to push the euro down 1% against the dollar. True, it has since regained more than half of the lost ground after the story was denied, but the incident shows the marke...