Address by Mario Draghi, President of the European Central Bank (28.11.2016)

Mario Draghi, Head of the European Central Bank, speaking in the European Union Parliament, paid considerable attention to the issue of reducing uncertainty in connection with the UK’s exit from the EU. He believes that the lack of a clear plan for the government to conduct official negotiations with Brussels on Brexit complicates the already difficult situation.

Draghi warned that the consequences for the British economy of the decision to leave the European Union will be very serious. They will lead to weakening of the national currency and reduction of investment activity. However, the negative impact of Brexit on the European Union economy will be only limited.

The head of the ECB also said that it is not possible to give an accurate assessment of the possible economic consequences of the UK’s exit from the EU at the moment. To do this, you need to have additional information about the negotiation process, including its start and end date.

Mario Draghi called on the UK to bring clarity to the upcoming Brexit negotiation process as soon as possible. The head of the European Central Bank recommended the British government to familiarize the population with its action plan. And only after that do we introduce him to Brussels.