The Economist nails it:

No-one seems capable of stepping forward and offering reassurance. The Leavers, who disagreed on what Brexit should look like, do not think it is their responsibility to set out a path. They reckon that falls to Number 10 (where they have appeared in public, it has mostly been to discard the very pledges on which they won the referendum). Number 10, however, seems to have done little planning for this eventuality. It seems transfixed by the unfolding chaos; reluctant to formulate answers to the Brexiteers’ unanswered questions. As Mr Cameron reportedly told aides on June 24th when explaining his decision to resign: “Why should I do all the hard shit?”

This could go on for a while. The Conservative leadership contest will last until at least early October, perhaps longer. It may be almost as long until Labour has a new chief, and even then he or she may be a caretaker. The new prime minister could call a general election. It might be over half a year until Britain has a leader capable of addressing the myriad crises now engulfing it.

The country does not have that kind of time. Despite arguments for patience from continental Anglophiles, including Angela Merkel, the insistence that Britain immediately invoke Article 50 of the Lisbon Treaty, launching exit negotiations and that can last no longer than two years, is hardening. Soon it may be a consensus. Britain could be thrust into talks under a lame-duck leader with no clear notion of what Brexit should look like or mandate to negotiate. All against a background of intensifying economic turmoil and increasingly ugly divides on Britain’s streets. The country is sailing into a storm. And no-one is at the wheel.

This makes the ERM fiasco look like a village fête.