Our main scenario is that trade conflicts would be mainly confined to the United States and China. Moreover, one of the United States’ main concerns is to improve the protection of intellectual property. We are not yet seeing much of an impact on sentiment in the euro area, but that could change, of course.
How great are the risks of Brexit, of the United Kingdom’s departure from the EU? The risks related to a hard Brexit should not be underestimated. The consequences would be greater for the United Kingdom than they would be for the euro area, but we would feel it here too – the United Kingdom isn’t a small country.