Differences in trend output growth in the euro area The differences in trend output growth in the euro area might reveal structural factors that are a normal feature in a monetary union. Differences in trend output growth may, for instance, reflect diverse initial conditions and catching-up processes in some countries.
Standing alone, a disorderly Brexit would argue for accommodative policies, for example allowing the automatic stabilisers to work and targeted fiscal measures for the most severely affected sectors. If any of the more global risks were to crystallise and have a significant effect on the domestic economy, they would likely pose different challenges.