BIS Review 138/2009  3  The fact that the euro area financial system is predominantly bank-based implies that the health of the banking sector plays a major role in determining the orderly functioning of economic activity and the maintenance of financial stability.
If no solution is found, the EU and the UK will trade under rules set by the World Trade Organization – which is in nobody’s interest, but is likely to be particularly harmful to the UK economy, while the economic impact on Europe will be limited by comparison. Take Germany for instance. The UK is an important export market, accounting for ca.