Giada Pizzoni via The Conversation |More than 400 years later, the UK is once again dreaming of the unimaginable riches that could be had by breaking away from the old continent. Brexit would have globalisation in trade as the answer, but over the past four centuries as its empire has risen and fallen, it is Europe that provided the UK with many of its most sought after commodities. It’s hard to imagine this changing much in the future.

The current €719 Bn batch of so-called TLTROs will mature between mid-2020 and early 2021. Were they to expire or become more expensive, the interest margins of banks – especially in Southern Europe (Italy and Spain) – would be negatively hit and the credit impulse would weaken. Hence, as said by Agnieszka Gehringer, senior analyst at Flossbach von Storch, given the weakening economic momentum, the ECB has little choice but to extend the TLTROs.

Rafael Gil Nievas | No, I am not going to talk about Micula or Achmea (but I promise I will do soon). Now, I just want to raise, in plain language, a possible Brexit collateral effect. Let’s give some background.