 It could be, I'm not saying it's going to be, the beginning of this integration of the European Union or the Eurozone, you know, at some point the future of the Scots might decide to go for another referendum and maybe the breakup of the United Kingdom. Then the Catalans in Spain might say me too, and that might lead to a breakup of Spain. Some of the Nordic members of the European Union might say without the UK, the European Union is mostly the Eurozone, so what's in for me, Sweden, Denmark and so on. And as we know, there are lots of economic and political fragilities within the Eurozone. There is austerity and reform fatigue in the periphery. There is bailout fatigue in the core. There's a rise of extremist populist parties of the extreme right and extreme left, both in the periphery. There'll be a huge amount of uncertainty and the Europeans will have to figure out whether they want to go towards more integration of Europe and more integration of the Eurozone, even if the voters are becoming increasingly skeptical about giving power to Brussels in the centre, or whether there'll be more variable geometry and less autonomy of nations within Europe and the Eurozone, but then having less of an integration that might be needed to have a complete monetary union. So I think this set of economic and political uncertainty is going to bear on economic growth. They're going to bear down on financial asset prices. They're going to create a significant amount of uncertainty. I don't expect a global recession or another global financial crisis. I think that the shock that comes from Brexit is significant, but not of the same size and magnitude as the one we had in 2007, 2008 and 2009. However, I would say it's a major significant financial shock as the reaction of the markets on Friday suggested. It creates a whole bunch of economic, financial, political and also geopolitical uncertainties.