Finally, on the financial side, the existence of a sound domestic banking system and the extensive presence of foreign competitors in this sector could also be regarded as preconditions for the move to dollarisation. The de facto “unilateral monetary union” which official dollarisation in Argentina would imply would be different to the process which led to EMU and the present negotiations for EU accession.
Governing Council decided to incorporate in the base case projection a 0.2 per cent reduction in the level of global GDP by the end of 2018. This reflects direct trade effects and some confidence effects on business investment. We are assuming that the Brexit process will proceed in an orderly fashion.