Commentary: Is there a case for reversing Brexit?

On the other hand, outside the Eurozone, Britain itself might be even more exposed to the bond markets than France. And some of Le Pen’s demands for a rollback of some EU powers are reminiscent of the traditional British position. A looser EU that was no longer driving towards “ever closer union” might even be easier for Britain to rejoin.

The bigger question that the EU and its constituent governments have to answer is – do they really want Britain back? And even if the answer to that is ‘Yes’ – are they prepared to invest the time and energy required to make it happen?

The scars left by Brexit have only just begun to heal. The Europeans will also want evidence of a settled consensus in Britain. Negotiating a re-entry treaty – only to have Nigel Farage come to power and rip it up – would be a nightmare for all concerned.

On the other hand, the attractions for the EU of Britain rejoining are also considerable. At a time when Brussels is scorned in Washington and Moscow, a British vote to rejoin the club would be a powerful vote of confidence in the future of the European project.

The world is also a much more threatening place for Europeans than it was in 2016, when Britain voted to leave. Renewed UK membership would add some economic and military weight that the EU could certainly do with. Unlike many other potential member states, the British would also be substantial contributors to the EU budget.

Beyond the difficult technical negotiations involved in reversing Brexit, it is the bigger strategic question that really matters. Do both sides see a common interest in Britain rejoining the EU? If the answer to that is a clear yes – then it can and should happen.