Over a month ago, the forex blog announced the strong possibility of France rejecting the EU Constitution.  Over the weekend, those concerns were borne out when 55% of French voters rejected the Constitution, which was intended to simplify the structure and operations of the EU. Analysts have attributed France’s rejection to citizens’ concerns over its domestic economy and immigration policy. While France’s rejection will not likely lead to the dissolution of the EU or the end of the Euro common currency, it could spell trouble for the Euro area. European leaders have decided to wait until Holland and Britain have voted on the Charter before deciding on a new course of action.  The New York Times reports:

At the moment there is no plan to revise the constitution and put it before member states again. If the Dutch also reject the constitution, it would be that much harder to persuade the rest of the member states to go forward with putting any document up for ratification, particularly those that plan to do it by popular vote.

Read More: French No Vote on European Constitution Rattles Continent