Consider this for a perspective on the EU economy: Italy, Spain and France are among the member states in breach of EU rules on budget deficits and national debts; the soon-to-end QE of the ECB printed cash equivalent to 25% of Eurozone GDP; and French banks have exposure to Italian debt that is equal to 11% of French GDP. If there is a significant downturn – or bailout – on the other side of the Channel, the biggest political question in the UK could quickly become “are we protected?”.