There's been lots of talk about the possibility of a Grexit or a Brexit — Greece or Britain leaving the European Union.
But what about France?
In the wake of the Paris terrorist attacks and subsequent appeals for tighter borders, Morgan Stanley International CEO Colm Kelleher told CNBC on Thursday that "it's not inconceivable to talk about Frexit with the rise of the National Front," the far-right party in France.
"Europe is the [Syrian] migration issue, without a doubt. That will test the European Union," he contended.
Kelleher, also president of institutional securities at Morgan Stanley, said on "Squawk Box" that he does not see a French exit from the European Union actually happening. "[But] you have huge strains now on the union because of this."