Given the unprecedented nature of a ‘no deal’ scenario, quantification is highly uncertain and this exercise represents a scenario analysis and not a forecast – it considers what could happen under certain assumptions, not 7 3/8  BIS central bankers' speeches  necessarily what is most likely to happen.7 With a disorderly departure, significant additional frictions and costs would arise.
Jens Weidmann: Banking supervision and regulation – what action does the Bundesbank consider necessary? Speech by Dr Jens Weidmann, President of the Deutsche Bundesbank, at the Club of Hamburg-based economic journalists (Club Hamburger Wirtschaftsjournalisten), Hamburg, 30 August 2013. * 1.