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.
In the case of no-deal Brexit, keeping that confidence will be essential to manage the situation. Were you surprised by the change of guidance of the Federal Reserve, hinting that rate hikes might be delayed? Does that complicate your task? I won’t comment on the Fed’s decision and communication.