Specifically, the UK is still grappling with even initiating Brexit, there are three key elections in France, the Netherlands, and Germany, that could change the face and structure of the European Community, and there is the very real risk of another Greek debt crisis around mid-year.

Last week UK’s ex-PM Tony Blair came out appealing publicly for the UK to reverse its decision to leave the EU, much to the delight of the Europeans. Meanwhile the UK Parliament is yet to finally vote on the issue.

The Netherlands’ election is next month, and the anti-EU party led by Wilders is ahead in the polls, and likely to win more seats than any other party, but is unlikely to be part of a coalition government, thereby further antagonizing its supporters.

The French Presidential election process is very French, and has become very complex and messy.

Hardline right, Marine le Pen, now pulling widespread support, even from ex-communist party voters, is likely to win the first round, but unlikely to get the 50 percent vote to preclude a second round run off, which she would be expected to lose. More disgruntled supporters.

However, the alternative candidates are less clear as two main contenders, Macron from the centre-left, and Fillon from the right, are enmeshed in scandals, while the Haman and Montebourg forces may merge to represent the hard-left. Frexit is still a possibility as a key election issue.

In Germany, Merkel has slipped behind Shulz in the polls, but both are pro-EU, but of different standing and influence in the EU. Germany has also seen anti-immigration parties doing particularly well in recent local/regional elections.

In short, there are many forces at work to perhaps result in some fragmentation of the EU, and force a rethink of immigration policies.

Grexit is also a possibility depending on how the Greek government goes in negotiations with its creditors. Greece has to make a €7billion debt repayment in June, which it can’t make without another bailout deal. The IMF is insisting on more austerity (which the Greeks can’t accept with their economy having shrunk already by about one third), and a debt haircut, which the Germans won’t accept.

Another Greek debt crisis certainly can’t be ruled out, again with potentially significant consequences for global financial markets.

Moreover, it is yet to be seen how Trump will impact on Europe. He seems to have softened his line on NATO recently, at least not threatening to leave, although he insists on others meeting more of the costs. It is also very hard to reach conclusions from his confusing statements on Russia, the Ukraine, and so on.

We are also yet to see details of Trump’s economic package, especially exactly what protectionist measures he will adopt, as well as the detail of his proposed tax reforms.

I suspect that if his tax reforms are built around a shift to what is called a cash flow destination tax, that taxes imports and exempts exports, the global repercussions could be very significant.

It will, indeed, be a very volatile year. I guess expect the worst, and then fear even worse.