By the time this issue of The Treasurer reaches you, prime minister Theresa May will have triggered Article 50 and the UK will be on its way towards negotiating an exit from the European Union. It has not been lost on anyone that the measure came just a few short days after the EU reached an auspicious anniversary, with its leaders gathering in Italy’s capital to celebrate 60 years since the Treaty of Rome. It also comes at a point when some of Europe’s problems, although still undeniably grave, start to look a degree or two less pivotal. Economic indicators suggest a more encouraging outlook for trade and growth. The defeat of Geert Wilders in the Netherlands’ general election can’t be said to mark the end of European populist nationalism, which persists in the eastern half of the bloc and in the figurehead of France’s Marine Le Pen, but it does at least settle the question of who will lead one of the key economies, and makes continuing political upheaval seem a little less inevitable. So, given the EU’s journey from six founding states to 28 (soon to be 27), can this 60-year-long experiment in shared sovereignty be said to be at an end? In this issue, we present two pieces on Europe from commentators with starkly different views. On page 15, Kallum Pickering, chief economist at Berenberg Bank, argues that with the severest geopolitical risks abating, Europe is set fair for economic recovery and greater stability in terms of its political outlook. On page 26, meanwhile, Roland Hinterkoerner, consultant at Expertise Asia and a long-standing observer of the minutiae of European realpolitik, argues that Brexit heralds the end of the single currency experiment. One thing we can be sure of is the interaction between the UK with Europe and the regulatory frameworks that corporates must abide by is, if anything, set to grow more complex, since Brexit does not mean that UK-based corporates can opt out of key measures and regimes. We explore the plethora of regulation and untangle the terminology in our update on page 22. Elsewhere in this issue, we mark the arrival of the ACT’s new chief executive, Caroline Stockmann, who brings verve, openness and a commitment to promoting the standing of treasurers to her new role. Our profile of her begins on page 18. I hope you enjoy the issue. Liz Loxton, Editor
