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He explains why a deal struck between the EU and British Prime Minister David Cameron is fundamentally in breach of the EU’s ruling principles such as free movement of people and capital. The deal is likely to force the EU to split into those who want more and those who want less integration, Jakobsen says.

Jakobsen says the market reaction reflects the uncertainty about the future of the UK in the EU and that securing a Yes vote on June 23 could prove a challenge for Cameron even if he eventually will win the referendum.