“What we learned from 2008 was that it’s not the size of the losses per se, but rather where the losses sit in the financial system,” says Adam Tooze.
No country has ever left the European Union, and investment professionals are wondering whether the Brexit outcome will resemble a Norway model, a Swiss model, or something else entirely.
Amid austerity and a weak economic recovery, the electoral gains made by anti-EU parties (nicknamed the "Eurosceptic earthquake") in the European Parliament elections in May have caused much speculation.
Kai Konrad painted a picture of troubled states increasingly doubtful of the European Union, warning “don’t expect much from Germany.”
Led by France and Germany, 11 out of 27 EU member states have agreed to levy a financial-transaction tax on stocks, bonds, derivatives, repurchase agreements and securities lending. These 11 states are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. The main intended objective of the tax is "to receive a fair and substantial contribution from the financial sector to the financing of the rescue operations from which it benefited either directly or indirectly."
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