So we are not complacent about it, but the financial sector is now pretty well prepared for a no-deal Brexit, if that were to happen, because there has been a lot of work. But have companies actually prepared for a Plan B? If there is a no-deal Brexit, what would it mean actually for growth in Europe?
To the extent that some of the optimists are operating subject to value-  2  See Hyun Song Shin (2013), “Commentary on Robert E. Hall, ‘The Routes into and out of the Zero Lower Bound,’” speech delivered at “Global Dimensions of Unconventional Monetary Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 22–24, pp.