by Kaisa Stucke & Bill O’Grady
On November 9, the Catalonia region of Spain is due to hold a referendum for independence. The referendum had previously been approved by the regional government; however, it was ruled unconstitutional by the Spanish Supreme Court. Currently, it is unclear whether the November 9 referendum would result in a different outcome.
This week, we will look at the separatist movement in Catalonia. We will start by giving a brief overview of the region’s history and politics, then look at the roots of the independence movement. We will explore the probability of independence, the potential future relationship between the region and the central government, and the role of the EU and the Eurozone. As always, we will conclude with market ramifications.
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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.