EU Bogeymen Square Off In Parliament Pantomime

All eyes on Brussels as Europe convenes post Brexit.

With markets still falling, the world is looking for leadership and someone with a plan.

So far little sign of either. Quite the opposite.

In the European parliament a pantomime farce. Two villains, depending on your point of view, and a chorus of boos and jeers.

It began with a kiss.

The bogeyman of Europe, if you read British tabloids, EU Commission President Jean Claude Juncker embracing UKIP leader Nigel Farage but the bonhomie didn't last long.

Juncker mocked Farage for even being in the parliament.

Then Farage stood up. He'd promised to be statesmanlike but was anything but. He taunted the MEPs saying none of them had ever had a proper job in their lives .

It was his moment. A chance to be magnanimous in victory. He squandered it. It was a speech that suited the playground more than an institution of government.

'You were wrong. I was right. So there'

Neither showed leadership let alone any sense they have a plan.

As for the parliament's president Martin Schulz. He has spent the last few days saying an entire continent has been held hostage by British politics. Hardly words to calm the markets. And his description of Europe being suspended in limbo also does nothing to calm nerves even if it is perfectly true.

So it's down to national leaders to reassure observers.

They have stuck to a script that is now obsolete.

David Cameron arrived and talked about a spirit of co-operation. Surreal scenes here. Smiles and embraces for the man who gambled with the unity of Europe to try and save his party and lost.

Behind closed doors tonight over supper they will ask the Prime Minister: "What the hell went wrong? Where do we go from here?"

Fissures are already opening up between the remaining big players. France is talking about speeding up integration. Germany keen not to rush into anything.

A few things are clear. Negotiations on Britain's exit won't begin for months. Only the UK can start the process by invoking Article 50 and that will not happen till a new Conservative leader is chosen.

'No negotiation before notification' is the new mantra. European leaders insist there'll be no pre notification manoeuvring. But many are sceptical. That is not how Brussels works. Negotiators will be sounding each other out, even if only over lunch and dinner in the coming weeks and months.

Talks won't begin in earnest though till Article 50 is invoked, after the Conservatives have a new leader . For now, we are in limbo with all that means for the markets and a world yearning for certainty and stability.