Again, Germany is a net exporter to the EU. It finances the countries to which it exports. This is a very good little circle of wealth for Germany, provided the southern EU's credit worthiness is sustained. The model crashes when the debts from the southern countries become unsustainable. This was tested recently and the EU managed to survive through fire-selling Germany's non-EU assets. There's not much capacity at the moment to repeat that trick. Yes, but it must be remembered also that these negotiations are in the public sphere. This is a marketing event for both the EU and the UK. The EU is not showing itself to be a commercial place to do business. If it is willing for both sides to lose in order to make a political statement, then clearly that is not the place you want to HQ your European operations. A representative office, for sure. But its too risky to business continuity to home the HQ.