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The European Union will have to address some key questions regardless of whether the U.K. votes to leave, Hans Olsen, global head of investment strategy at Stifel, said Wednesday.
"These questions will persist because the core problems in Europe have not been fixed. You still have a sclerotic, super-national government in Brussels that just continues," he told CNBC's "Squawk Box. "
"If they're listening to their market, which in this case is Britain, they'll undertake a reform effort to get better decision-making a more robust response to their problems. But I think in the short term, you get a big market dislocation. The question is, what really changes after that?" he said.
People in the U.K. vote Thursday on whether the country should remain in the EU or leave the organization it has been a part of since 1973.
As the Brexit vote looms, financial markets have been jittery. The three major U.S. stock indexes posted marginal gains Tuesday, while the dollar posted its first positive trading day in three.
Recent polls on Brexit have been mixed, with some showing the remain camp having a slight lead, while others have come out favorably for the leave side.
Betting markets have the U.K. staying in the EU.
"I think you follow the [betting] money, and the money is saying they're going to stay," Olsen said. "The undecided are going to decide this vote, for sure."