He added that Brexit, a vote to leave the EU in next month’s referendum, would lead to a volatile time for markets and the wider economy.
Mr Buckley was in the Island last week to update guests and clients of Deutsche Bank on current economic matters and his visit coincided with reports that global fund managers were losing confidence in world stock market rallies and were putting aside large amounts of cash as the fear of Brexit topped their concerns for a ‘summer of shocks’.
Investors have already expressed doubts about a rebound in the Chinese economy and have begun to turn their backs on British equities as nervousness increases about a financial crunch if the UK votes to leave the EU on 23 June.
