(CNN) – Tuesday looks set to be another unsettling day for world financial markets.
On Monday, the British pound sank to a 31-year low. The Dow Jones industrial average closed Monday nearly 900 points lower than it was before the UK voted to leave the European Union.
Now, leaders of both the EU and the UK are getting serious about determining next steps.
All eyes turn to Europe Tuesday, where leaders are beginning to grapple with the logistics of last week’s Brexit vote.
British Prime Minister David Cameron meets with officials in Brussels, and the EU Parliament’s Conference of Presidents holds a special session. Both German and French presidents are meeting with lawmakers in their respective countries.
All this is happening against the backdrop of market volatility that has seen trillions of dollars in wealth wiped off the books.
A conservative former MP says “leave” politicians didn’t have a plan because they didn’t expect victory.
“They would have woke up on the morning after the referendum and said ‘oh my goodness, we didn’t win, did we? What are we going to do now?// I think that they’re afraid. I think they’re very afraid of what they have unleashed,” said Matthew Parris, a former Conservative Party member of Parliament.
He believes even more people will come to regret their vote.
“I think we’re going to see buyer’s remorse,” he said. “I think we’re going to see a gradual scaling down of the ambitions of the leave campaign.”
But no matter what path British politicians take in the short term, with global markets having lost a record three trillion dollars since the vote, it seems the damage is already done.
A petition demanding a revote on the EU question has already amassed nearly four million signatures. The British Parliament considers all petitions that get 100,000 signatures or more.