The outcome of the UK referendum on 23 June 2016 took the markets and politicians by surprise. The decision to leave the EU has economic and political consequences not only for the United Kingdom, but also for its partners in the EU and for the future of European integration. The uncertainty concerning details of the withdrawal arrangement, the transition period and the final agreement on future relations between the EU and the UK are putting a strain on the European economies, above all growth prospects for the UK. EU member states, as well as individual industries, are affected by the UK's foreseeable exit to varying degrees. The pending regulatory requirements are immense and range from trade-related matters and access to the European single market (particularly important for the financial industry), to horizontal policies such as migration and social policy and domestic and security policies. Finally, it raises the question of how the UK's exit will alter the remaining 27 EU members' countries' priorities regarding European policy, including further institutional steps towards stabilising the eurozone.