“What occurred on the 6 and 7 of September in the Catalan Parliament was the biggest joke to democracy, when two illegal laws were passed and a referendum was called,” he added.

The Senate is likely to vote through the conditions put forward by Rajoy, however, it is unclear how Madrid’s decision to replace the Catalonian government would play out.

“It is not guaranteed that the central government will be able to immediately exercise full control of regional executive powers. Catalonia has a very high degree of self-government, comparable with some of the most decentralized regions in Europe and elsewhere,” Barclays said in a note.

Catalonia has full responsibility for civil law, police, education, health care, industry, trade and consumer affairs, environment, research, local government, tourism, transport, media and several other areas.

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