Mr. Seamus Coffey:

The view would depend on how one might assess the impact of these. For example, what would be the impact of a common consolidated corporate tax base, CCCTB, versus the impact of Brexit? If one looks at them in terms of the impact, the CCCTB would be far greater than even a hard Brexit but then, if one looks at the likelihood and the possibility of those happening, Brexit is going to happen. We are not quite sure of the nature of it but it is going to happen, whereas the CCCTB seems very unlikely to happen. While the impact of it in my view would be greater its likelihood is far less.