In the transition period to establishing new arrangements between the UK and the EU, there is the potential for further bouts of heightened uncertainty and risk aversion. Macroeconomic, financial and currency market effects will be heavily influenced by the related terms, timing and impact of the new relationship. Therefore, there is the possibility for more acute confidence effects on investment and consumption decisions.
2/6  BIS central bankers' speeches  Financial stability considerations Given the macroeconomic environment I will now turn to some financial stability considerations. The mission of the Central Bank is to ‘safeguard stability, protect consumers’. A hard exit could result in the considerable migration of financial services firms.