The sky had darkened since the end of last year, when difficulties with public finances in some euro area countries came into the focus of financial market participants. Following prolonged discussions about the possibility of a loan support facility for Greece, tensions rose further towards the end of April and the beginning of May.
That, in fact, is the second thing on my list of priorities. We all know that, in the event of a “hard” Brexit, UK banks would have to seek a licence in the EU to do business on the Continent. And here, I get the feeling that many banks are a bit too relaxed about this.