The most recent out of control development is that it is irrationally affecting the bond yields of countries who have sterling balance sheets such as the Netherlands, Austria, and Finland. Every last member of the Euro Zone has been adversely affected except one. That one is Germany.
As investors flee everything else they pour their money into what they consider to be two safe havens: the U.S. treasury bond and the German bund. In England they buy gilts.
The more things change, the more they remain the same.
But the continental Europeans don’t find this emphasis on democracy native. All the empires of the past were not from the Roman Empire to the Holy Roman Empire to the Napoleonic Empire to the Third Reich. There are too many differences within the countries in the Euro Zone to permit votes on all issues, according to their way of thinking.
It’s only the Anglo-American tradition that emphasizes voting on everything. But even the British Empire wasn’t totally democratic. Even the United States, if you think of it as an empire, wasn’t very democratic with “Manifest Destiny” and their treatment of Native Americans, or Indians.