We are participating in a working group with the Bank of England to analyse the various markets that could be affected, like the derivatives market and the market for insurance contracts. If there is an orderly Brexit, the effect on financial stability will be limited, as we think the private sector is sufficiently prepared.
A disorderly Brexit, on the other hand, would represent a significant macroeconomic shock at a time when the European economy is already weakened. The UK’s GDP could shrink by up to 8%, according to the Bank of England. This would naturally affect the euro area economy. I hope we will avoid such a scenario.