Angela Merkel, the German Chancellor, is presenting a new face to Germany and the rest of Europe. That's according to Steen Jakobsen, Saxo Bank's Chief Investment Officer. He says that in this election year, she's become increasingly euro-sceptic. She's said "no" to European Commission expansion and hardened her views on Turkey joining the EU, he says.
Steen says the vote is the "event of the year" and that it could be the catalyst for a new way forward on Europe. Big concerns remain, says Steen.
He has two big worries. The first is the banking sector and its undercapitalisation. Italy and Greece is the combination of his second.