Nevertheless, even if no referendum is held, Morgan Stanley expects that early elections in Catalonia could serve as a “de facto” referendum.
“This means there may be a tough confrontation between the central government of Spain and Catalonia regardless of the outcome of such a referendum/consultation—and indeed regardless of whether it ultimately takes place,” Morgan Stanley analysts said.
iShares MSCI Spain Capped ETF
For more information on Spain, visit our Spain category.
Max Chen contributed to this article.