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The Flip Side: Episode 5

Brexit’s warning shot: the beginning of the end for globalisation?

Marvin Barth in conversation with Fabrice Montagné.
Marvin Barth Fabrice Montagné
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Voters across advanced economies have turned against traditional centre-right and centre-left parties toward populist and more extreme conservative and liberal ideologies driven by sovereignty, immigration, trade and other issues. The political movement we have termed the ‘Politics of Rage’ is challenging the foundations of globalisation as we know it. One of the first major warning shots of this global shift was Brexit – the UK’s vote by referendum to leave the European Union – and it remains the most advanced manifestation of the potential for advancing de-globalisation.

In the fifth episode of The Flip Side podcast series, Marvin Barth, Head of FX and Emerging Markets Macro Research, sits down with Fabrice Montagné, Barclays’ Chief UK Economist, to debate how Brexit represents de-globalisation in Europe, assess where Brexit might lead and discuss what lessons the UK’s exit from the EU might offer for other countries grappling with similar phenomenon.

Episode 5: Brexit’s warning shot: the beginning of the end for globalisation?

Marvin Barth
Fabrice Montagné

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The Flip Side podcast 

This podcast series features lively debates between Barclays’ Research analysts on important topics facing economies and businesses around the globe.

The Brexit trade trade-off 

When the UK leaves the European Union, it also leaves the world’s largest single market. We assess which alternative trade scenarios could be viable for the UK, post-Brexit.

“The Politics of Rage” - What’s driving the collapse of the political centre? 

“The Politics of Rage” – From globalisation to immigration, what’s really driving popular support for more extreme political ideologies and what does it mean for financial markets?

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About the analysts

Marvin Barth is a Managing Director and Head of FX Strategy, leading the firm’s global FX research product from London. Prior to joining Barclays in January 2014, Marvin spent five years as a strategist and as a portfolio manager in the US for Covariance Capital Management and Tennenbaum Capital Partners, spanning multiple liquid and illiquid assets. Previously, he spent three years at Citigroup in London and was responsible for the firm’s fundamental economic views on the G10 FX markets.

Marvin also has extensive policymaking experience as the former Chief Economist for International Affairs at the US Treasury Department, as well as an international economist at the Federal Reserve Board and at the Bank of International Settlements.

Fabrice Montagné is chief UK economist at Barclays. Previously, he was a senior European economist responsible for French, Greek and euro area macroeconomics. Mr. Montagné joined Barclays in January 2012 from the Dutch Central Bank where he was responsible for balance sheet, asset/liability management and strategic asset allocation decisions in the Financial Market division.

Prior to that, he worked at the French Treasury and Fonds de Reserves pour les Retraites. Mr. Montagné graduated from Ecole Polytechnique, has an MSc in Economics and Statistics from ENSAE, and also holds an MSc in Economic Analysis and Policy from the Paris School of Economics.

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