The lessons Quebec offers to Greece and Europe

An assessment of the importance of Greece's potential Grexit during the recent crisis is made. Subsequently, the case of the independence movement of Quebec is examined to argue that once perceptions about the separation from a Union take root, they may propagate themselves for long periods of time entrenching an uncertainty that leads to concrete economic damage. Therefore, the need to accelerate “convergence in institutions” among the Union members is highlighted, as is the need to acknowledge that political developments in Greece are in line with the predictions of a growing literature on the causes and impact of political risks.