Governing elites across Europe breathed a collective sigh of relief last week when Scotland rejected independence in last week’s election. A “yes” vote, it was feared, would have pushed the U.K. toward exit from the European Union and sparked a “secessionist wave” of restive regions across the EU. Riccardo Alcaro and Jeremy Shapiro write that while the immediate consequences of Scotland’s independence may have been avoided, the implications of the referendum process remain.