we also spoke to jean-claude trichet, the former ecb president, and he said he was concerned about brexitfirst of all, i hope very profoundly that we will not have a brexit because it would be a catastrophe for the u.k. francine: you can see that there are political implications, but it is also playing out across the market. how should we look at this? is it the political fact that we don't know what comes after a possible brexit? or should we worry more about the market data? forward.ink it is vigilantesthe market are may be telling prime minister cameron what to do. dino: there are so many aspects of this. if the leave campaign wins, what happens with scotland? does scotland reconsider its position in the u.k.? the rest of europe, which countries will demand their own referendums? you get into this situation where that might lead to a domino effect where other countries might want to have referendums. tom: what do you need to see from brussels? what do we need from brussels before we get to june 23? dino: i don't think there is much brussels can do. they are putting the issues on the ta

i want to bring in jean-claude trichet, the former european central bank president. he's lived through a couple crises. thank you for joining us from paris. this is chaos. does it feel as bad as 2008? mr. trichet: it is absolutely normal to say the market would be surprised by what happens. obviously it is difficult to understand why a lot of smart as betting on remain when the result is quite substantially in favor of brexit. i'm not surprised by the hectic market this morning. i think it is a normal reaction and we should not panic. banks, not only bank of --land, which is up to the all the other major central banks cooperate in order to face up with the challenges. i have no short-term anxiety. francine: if you were still head of the ecb or any central bank, would you press to have activation of swap lines or a blanket of safety, or would you wait until next week? be, ifchet: if need there is a real liquidity problem, which would be confirmed, of course the central banks have all the weaponry necessary to cope with it. they can take decisions rapidly and swiftly if

when we come back, jean-claude trichet will join us.ormer ceo of bp will join us for impacts on the market and the economy. there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. >>> keeping a close eye on the post 5, not too far from us, as twilio, the first u.s. venture-backed tech ipo of 2016 is looking for its opening trade, priced at 15. the range was just below that, 12 to 14. a company that we've known for a long time on our cnbc disruptor list. when that first trade happens, we'll get it to you. >> dow up 138 points as the uk votes on whether to remain in the european. rick santelli has a special guest in chicago. rick. >> thanks, simon. i'd like to welcome former ecb president from '03 to 2011, jean-claude trichet

amanda: this morning on "surveillance," jean-claude trichet spoke about central banks, the limits of e need to social performance europe. take a listen. jean-claude: i think that monetary policy is doing what it very, probably do in the very difficult circumstances in japan, new york and the u.s. of course, it should not be the only game in town. the problem is that the government, the parliaments and all other partners have to do their jobs. again, a central banks cannot be the only game in town. they should go into deeper negative territory? understanding is that they are doing a lot. everybody can see that. they had taken decisions, which are difficult to take, very bold, obviously, but necessary in the circumstances. i hope very much that they will not be obliged to do more. they can take into consideration that they are counting on government and parliaments, particularly in europe. the language of the ecb is very stronger, as it should be, on the other partners governments and parliaments. this is absolutely of the essence. my working assumption is that it will be progressively

don't miss our interview with jean-claude trichet a at 10:30 a.m. u.k. japan, hileany and the u.k. -- w bill gross warns the supernova will explode in the debt universe. council member says a cycle of fiscal and monetary policy is needed to fix the euro area. stress test says european stocks could lose a quarter of their value in the case of brexit. welcome to "the pulse" live here

. >> the former european central bank president jean claude trichet joins me now. now the worst scenario has arrived. the uk is leaving. how worried are you for the rest of europe and the eurozone? >> well, first of all, i'm worrying a lot for the uk itself and, of course, it's an earthquake. the prime minister will leave. the new government will be in place. perhaps scotland will ask for leaving and so forth and so forth. it's a major problem. as regards continental europe, of course we will be hit. that's absolutely clear. both economically, much less than the uk, but there is a hit. and also politically because i would say extreme right and extreme left will fully take advantage of that referendum to call for referenda. but in my opinion, the uk is in a totally different universe in comparison with continental europe and i don't expect that the european union with the 27 will be badly hit, obviously. >> how much of all of this has the eu or the european commission brought upon itself? today leaders left and right are coming out of the woodwork from every country