As a corollary to a previous article in which Cyceon indicates that the sources of political and economic instability in the medium term are multiplying, the increase in political risk also stems from another equally relevant substantive trend.

Like the “no” voted by the French people in 2005 on the occasion of a referendum on the European constitution but which was never enforced by the French government who, instead, signed the Lisbon Treaty in 2008, parliaments in Europe seem less and less representative of the majority of voters.

In addition to voting systems that often favor the emergence of strong or even absolute majorities on a much thinner and therefore fragile electoral base, the representatives (elected officials)’s decisions seem more and more questioned by an increasing share of the represented (voters).

The Italian and British political scenes have just given two significant examples with a new M5S-PD political alliance sealed in Rome against a large number of Italians who wish to return to the polls while in London the Parliament prevented Prime Minister Boris Johnson from materializing a no-deal Brexit and then from holding early elections to fix it.

In these circumstances, the democratic notion of representation loses more and more legitimacy in the eyes of the electorate, resulting in an increasingly important support for the so-called “populist” movements, a background trend that can be seen everywhere in Europe.

Contents published on do not constitute investment advice.


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