European Central Bank preparing for Brexit

Wednesday, June 22, 2016
By Paul Martin

THE European Central Bank (ECB) is frantically preparing for the impact the result of the EU referendum will have on the markets.

Wed, Jun 22, 2016

President Mario Draghi said the ECB was in “extensive consultations” with the International Monetary Fund (IMF) in a desperate bid to prevent widespread investor panic in the event of a Brexit.

Mr Draghi said the Frankfurt-based ECB “is ready for all contingencies” following the UK’s decision.

But the Eurozone boss said no plans or no commitments prepared to deal with the consequences of the vote had yet been finalised.

Italian Mr Draghi said: “It is very difficult to foresee the impact on the various dimensions a vote in the United Kingdom would have on the markets and the eurozone economies.

“We monitor all relevant financial, legal but also political developments.”

The Eurocrat said if Britain votes to leave the EU the first priority would be to stabilise the markets which are expected to shift dramatically after the historic decision.

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