In one direction, the ratification of the withdrawal agreement would provide some guidance to firms as to the general trajectory of the future UK-EU27 relationship, even if much will remain uncertain until the negotiations about the post-transition environment are concluded. It follows that the passing of the withdrawal agreement could unlock business investment in the UK through a reduction in uncertainty.
I would also like to extend a warm welcome to those of you attending our livestream. After a three-year break, our balance sheet press conference is now a fully in-person event once again. It is being held for the first time at the Bundesbank's Regional Office in Hesse.