It’s more, because that would be very short-termist, it’s very much I think about there’s a very strong vision, a very strong common belief in what the European Union means. And that’s driving – I think – the attitude of the European Union to the negotiation. Of course, if there was a badly handled Brexit it would be negative for the euro area.
From the history of the Reserve Bank’s own market operations, we can look at repo rates on some of the eligible securities to try and gauge how much a one month liquidity premium might be worth. The answer is not very much in normal circumstances, generally less than 10 basis points.