There is no such thing as Frexit

You cannot exit something that no longer exists.

I'm in Paris this weekend covering the first round of French presidential elections, a historic contest which will have a profound impact on Europe and the world.

Tomorrow's first round of voting could result in a run-off between a far-left and a far-right candidate, both of whom are hostile to the European Union and have in the past called for France to leave the EU. The latest polls show a race that is anyone's game, and could result in any number of second round combinations across the political spectrum. It is an election like France has never seen, and nobody knows that tomorrow will bring.

A first round win for far-right nationalist Marine Le Pen and far-left communist Jean-Luc Mélenchon would send shock waves throughout the world. It would not only mean the collapse of the mainstream political infrastructure in France. It would put the future of Europe, and of Western liberal democracy as a whole, in terrifying doubt.

Mélenchon would 'renegotiate' Europe and call a referendum after. Sound familiar?

The far-left firebrand's plan to completely overhaul the EU or call a referendum on membership if he doesn't get his way is as naive and dangerous as David Cameron's 2015 gambit.

Two years ago, British Prime Minister David Cameron was running scared.

Faced with unending sniping about the European Union from his backbench MPs, and a UK Independence Party with the wind at their backs (they had finished first in the UK's European Parliament election the year before), Cameron panicked. He promised to 'renegotiate' the terms of Britain's membership of the EU, and then hold an in-out referendum based on the result.

As The Economist wrote earlier this month, it was a solution in search of a problem. Only 5% of British people saw the EU as one of the most important issues facing Britain at the time (more than half see it that way today). It was a move to placate politicians in his own party, not to address any real pressing concern from the public.