ECB: UK exit raises doubts about EU project.
The UK's vote to leave the European Union raises doubts about the irreversibility of the EU project and will have a negative impact on growth, although the extent of this is still uncertain, said European Central Bank (ECB) executive board member Benoit Coeure (pictured) on Sunday; "The UK's departure has created a climate of uncertainty, short-term financial uncertainty, and the central bank can respond to that, it already has," Coeure said at a business conference in the southern French city of Aix-en-Provence.
AIX-EN-PROVENCE, France (Reuters) - Britain's vote to leave the European Union raises doubts about the irreversibility of the EU project and will have a negative impact on growth, although the extent of this is still uncertain, European Central Bank (ECB) executive board member Benoit Coeure said on Sunday.
"The UK's exit created a climate of uncertainty, short-term financial uncertainty, and the central bank can respond to that, it already has," Coeure said during a business conference in the southern French city of Aix-en-Provence.
"We have instruments that we are ready to use; thank God we haven't needed to use them yet, but we are ready to do so."
Coeure said last week that it was urgent to clarify the timetable for the United Kingdom's exit from the European Union, since prolonged uncertainty could have an economic cost, primarily for the British people, but also for the EU in general.
(By Michel Rose)