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Europe frets about what to do with Trump … but it’s got worries of its own

Republican Presidential nominee Donald Trump, right, greets United Kingdom Independence Party leader Nigel Farage during a campaign rally on August 24, 2016 in Jackson, Mississippi.
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Europe's current obsession about the surprise election of Donald Trump could soon be eclipsed by a raft of elections across the continent, experts have told CNBC.

"We will probably stay obsessed with Trump for a bit longer… But we're eventually going to turn back to Europe, which is clearly where the future political risk in the future lie," Daniel Morrison, senior investment strategist at BNP Paribas, told CNBC on Monday.

"The likelihood of populist parties gaining in Europe is now higher than it was before because of Trump, where that leads, who knows, but in addition to the elections we already now we will have in Germany, in France, and the Netherlands, who knows, we may have them in Italy, in the U.K., in Spain, … all that is going to potentially weight on the markets," he added.

At the start of next month, the future of the Italian government will be in the spotlight. Prime Minister Matteo Renzi has proposed a referendum to change the country's constitution and warned he would resign if voters did not approve his changes.

For the coming year, France, Germany and the Netherlands – crucial countries in shaping the European Union – will be under the spotlight early next year as they elect new leaders amid rising support for populist movements. Political instability in Spain, where a small minority government could struggle to pass legislation, and Brexit rivalries inside the U.K. could spark further concerns.

Several EU leaders met Sunday evening to discuss what the victory of Donald Trump meant for Europe's political direction, but both Britain and France refused to attend the informal gathering.

"The UK's Leave vote and Trump's election have left the EU struggling to find a unified and coherent voice," Lena Komileva, an economist at G+ Market economics, told CNBC via email.

"At worst, the threat of the economic nationalism in France and Italy could threaten the EU's own survival. The markets are not pricing any of this yet, but this is the next big threat on the horizon," she added.

It is difficult to predict how the relationship between the U.S. and the EU will unfold, including on trade and climate change. The first European politician President-elect Trump met was Nigel Farage, interim leader of the U.K. Independence Party, the driving force behind the British departure from the EU.

"If Trump now wanted to look statesmanlike to Europe, receiving Farage was probably the worst thing he could to," Carl Bildt, the former Swedish Prime Minister said on Twitter.

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Trump an 'opportunity' for the UK?

Speaking before a meeting of foreign ministers in Brussels on Monday, Boris Johnson, the U.K. foreign secretary, told reporters that Trump's victory is a "moment of opportunity."

"It's very important not to pre judge the president elect or his administration," Johnson said.

"Donald Trump, as I said before, is a deal maker and I think that can be a good thing for Britain but it can also be good for Europe."

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