On the potential impact of "Brexit":

"The vote in the British referendum could be very close. There are two risks associated with the British referendum. First, if the referendum turns out to be positive (that is, if vote is to remain part of the European Union), some of the risk premia that have recently been attached to British assets will disappear, but not totally. There will be lingering doubts that, with such a small majority in favour of staying in the EU, there is a large group of British citizens who are reluctant to be part of the EU. And that will not disappear. Some economists term this the "ever-rendum effect". There is the risk that there will forever be discussions on whether (staying in the EU) was the right decision or whether there should be another vote.

If the vote goes in favour of exit, the markets might react, but the British government will then enter into two years of negotiation with the EU. Both sides should have a strong interest in keeping the relationship between Britain and the EU as constructive as possible.