But that question has now been dealt with by legal assurances given by the European Commission for the next year. Do you feel the Bank of England and the ECB can continue to cooperate smoothly, whatever the Brexit scenario? I have no doubt about this in both dimensions of our activities – monetary policy and banking supervision. Our dialogue is very intense, very close.
The value-added tax has been broadened and there has been some deregulation of interest rates. So there has been progress on a number of fronts. But, on the other hand, there is still some way to go to meet the goal of allowing market forces to play a decisive role in resource allocation.