"Today, anti-EU sentiment is often ascribed to the far right and its nationalist obsessions. But the European left has its own record of opposing the project. In 1950s France, a powerful Communist party warned the country would become “an annex of the Ruhr, and an American colony”. Meanwhile, statists and Gaullists feared the nation’s sovereignty – recently restored after war and occupation – would come undone. Sound familiar?"
(The Guardian.)
Is "would have undone" expressing the future-in-the-past action in the passage above?
Yes. It is the past tense of "statists and Gaullists fear the nation's sovereignty ... will come undone".
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Yes. It is the past tense of "statists and Gaullists fear the nation's sovereignty ... will come undone".