Many complex problems will need to be resolved, and tough decisions will need to be made over the months and years ahead. But a confrontational approach is not in the interest of either the UK or the EU. Interconnectedness between the UK and the EU is significant in terms of both the real economy and financial markets.
This is disappointing against the background of the economic outlook. Most countries with an excessive deficit have not corrected their position in a timely manner. Furthermore, there is a risk of consolidation delays in other countries. It is crucial to avoid the mistakes of the past, when many countries failed to consolidate sufficiently in good times.