Spanish and Italian “separatists” not yet an economic worry

Madrid’s plan to impose direct rule in Catalonia is likely to be met by protests, which would cause shortterm disruption. The risk of a more serious economic deterioration is growing, but as things stand this is unlikely. In Italy, Lombardy and Veneto will hold their own referendums this weekend. While the two regions make up a large share of the economy, the votes are only about greater autonomy, not secession.