This Is Not The End Of The Story...

Scotland voted "No" to independence from the UK.

On Thursday, Scottish voters headed to the polls. When the votes were counted, the tally came in 55% "No" and 45% "Yes."

"But that is not the end of the story," wrote Societe Generale analysts. "The Scots pulled back from the brink but much now remains to be done."

Indeed, those 45% still have demands, and they're unlikely to go quietly.

"The status quo in Scotland is not going to remain, as there will be devolution of further powers to the Scottish parliament," UBS's Paul Donovan said.

It could be months before we have some clarity.

"Not only do the details of devolution for Scotland have to be worked out but also the UK government has to address the demands for English devolution and to correct the imbalances of voting rights within the UK parliament," SocGen added. "This will remain a challenging time for the government in the run-up to next May's general election."

Meanwhile in southern Europe, Catalonia will hold its own independence referendum on November 9.