Catalonia aims to hold a referendum at the beginning of October to decide whether or not the region — which includes the city of Barcelona — should declare independence from Spain. The region has engaged in a long battle to preserve its cultural identity.
Whether or not that referendum takes place remains up in the air, but if it does, the consequences could be huge.
"As with Brexit, we believe that any Catalexit would plunge the region into a long period of uncertainty and would most probably be negative for the private sector," ING economist Geoffrey Minne writes in the note titled "Catalonia: the cost of being single."
The movement for Catalan independence is largely a political o…