In this article ‘Which Europe now?’ in the New York Review of Books, Mervyn King says
Our political class would do well to recall the words of Confucius:
Three things are necessary for government: weapons, food and trust. If a ruler cannot hold on to all three, he should give up weapons first and food next. Trust should be guarded to the end: without trust we cannot stand.
Not just in Britain, but around the industrialized world, the divide between the political class and a large number of disillusioned and disaffected voters threatens trust. At times it seems that the governing class has lost faith in the people and that the people have lost faith in the government. And the two sides seem incapable of understanding each other, as we see today in the United States. But the continent on which the challenge is greatest is Europe. If any good comes out of the British referendum, it will be a renewed determination, not just in Britain but around Europe, to eliminate that divide.
In several recent posts on democratic renewal, I have drawn attention to the breakdown of trust in institutions and leaders of those institutions. John Menadue.
Mervyn King is the former Governor of the Bank of England.