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04.07.2016 13:25

ECB officials: UK should decide quickly with a further plan of action

Representatives of the European Central Bank call for the United Kingdom as soon as possible to decide on a plan of action after the decision of the country to withdraw from the European Union.

As noted by the ECB, Brexit inevitably has an impact on economic growth in the euro area.

According to the chief economist and board member of the ECB Peter Praet, the uncertainty created by the British decision to withdraw from the EU, could adversely affect the confidence of both businesses and consumers in the euro area.

He called on the UK authorities and the EU to move swiftly to make arrangements.

Praet confirmed that the ECB "clearly aimed" at ensuring inflation and strengthening the protection of financial stability in the euro area.

Meanwhile, ECB board member Benoit Koere said that "uncertainty shock" after Brexit will inevitably affect the pace of economic recovery in the euro area.

Global central banks will monitor the situation closely and are ready for action, he added.

Bank of England governor, Mark Carney said last week that the British Central Bank may be forced to ease monetary policy in the summer, to compensate for the Brexit risks.

Experts believe that the ECB will also soften the policy by September, by further rate cuts or by increasing the bond repurchase program.

However, the head of the Bundesbank, Jens Weidmann on Friday saying that he would oppose the further expansion of the European Central Bank stimulus.

According to him, the current ECB policy, including a negative interest rate on deposits and repayment of bonds in the amount of EUR 80 billion per month, is already a "very challenging."

"I do not see the need for further easing," - said Y.Vaydman.

ECB President Mario Draghi, speaking at a summit in Brussels last week, said that Brexit reduce the rate of economic growth in the euro area in the next three years by 0.5 percentage points, taking into account the importance of the UK as a trading partner for the region.

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