In any case, while the impact of Brexit on growth will be negative, fears of a fall in growth in the euro area by, say, 0.6 percentage point in 2017, as predicted by Consensus Economics, seem exaggerated. Political vagueness within the reach of vision What does the referendum result imply for the future of the pan-European financial system?
In some ways, I would expect clear consequences. Here, I refer, in particular, to the pulling power of London as a platform for European bond, derivative and forex trading. Banking supervisors take a critical view of the fact that euro activities are mainly based in London and therefore outside the euro area. This criticism has, of course, intensified since the referendum.