Much will depend on the speed and terms of the disengagement. At this stage we do not know which of a number of possible scenarios will unfold. The financial markets have stabilised following the initial volatile response to the decision.
(2016), “Adding it all up: the macroeconomic impact of Basel III and outstanding  reform issues”, BIS Working Paper, No 591; De-Ramon, S., Iscenko, Z., Osborne, M., Straughan, M., Andrews, P. (2012), “Measuring the impact of prudential policy on the macroeconomy: a practical application to Basel III and other responses to the financial crisis”, FSA Occasional Paper, No 42.