Political tension in Catalonia spilling over into the rest of Spain, and its economic consequences are far-reaching.

Events are moving quickly in both Madrid and Barcelona.

The parliament in Madrid is taking steps to strip Catalonia of much of its regional autonomy, as Catalan politicians vote in favour of secession from Spain.

The political situation has been confusing, but what is clear is that Catalonia's push for independence has already had an impact on the region's economy. Tourism has dropped off sharply.

A growing number of businesses, including one of Spain's largest banks, have moved their head offices out of Barcelona, fearing political instability and financial uncertainty. If Catalonia does eventually become independent, there are big financial questions to be answered including currency issues and separating Catalonia from the rest of the European Union.

Who will be the winners and the losers?

Presenter: Patty Culhane

Guests:

Pieter Cleppe - Head of Brussels Office, Open Europe

Sonia Andulz - University of Barcelona

Michael Keating - Professor at the University of Aberdeen and author of The Independence of Scotland

Source: Al Jazeera News