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The short-circuiting of the contest to replace David Cameron as prime minister of Britain is already proving to be good news for the markets.
The contest was intended to stretch into September—but with the withdrawal of her chief opponent, Theresa May will now take over on Wednesday.
This has sidestepped more than a month of uncertainty. European equities are responding positively; expectations of more stimulus in Japan and the Bank of England cutting rates this week have helped.
The question, of course, is if the right political signals will extend into the medium term.
May has already said that she will not initiate Brexit proceedings this year. Intra-party
Eurosceptics are bound to exert pressure on her—and the opposition is demanding fresh elections.
That makes for a chancy scenario.
And Eurosceptics on the continent, bolstered by Brexit, aren’t going anywhere yet. Safe ground is still some distance away.