Media attention has so far focused mainly on the popular reaction and the disastrous market response, but this is just the opening chapter of a story that will take time to unfold.For the Tories, Boris Johnson had the inside track to replace David Cameron as party leader and Prime Minister, until he shocked observers by pulling out of the leadership contest on Thursday morning, after Justice Minister Michael Gove withdrew his support. For the Tories, Boris Johnson had the inside track to replace David Cameron as party leader and Prime Minister, until he shocked observers by pulling out of the leadership contest on Thursday morning, after Justice Minister Michael Gove withdrew his support. Calls for a revote are nothing more than sound and fury. Germany’s Angela Merkel, who will lead exit negotiations from the European side, must bear in mind two things.Faced with a weakened E.U. and the threat that Brexit might encourage more members toward the exits, these countries can drive a harder bargain on immigration and other issues they care about.But the lasting damage will be to the E.U. itself–and the values it represents.