This relocation of sensitive and important infrastructures needs careful planning. Hence, market participants will most likely not postpone decisions until the negotiations between the EU Commission and the UK have been finalised. I do not expect that Brexit will have negative repercussions for the financial centres in continental Europe.
A serious banking crisis followed a few years later. This boom-bust type of instability in Northern Europe was obviously something else than a mere normal business cycle. It may not be a random coincidence that the first academic publications that used the concepts “credit cycle” and “financial cycle” were published in the late 1980s and early 1990s, i.e.