Draghi Said to See Brexit Vote Cutting Euro GDP as Much as 0.5% - Bloomberg (FXE) (FXB) Jun 28, 2016 12:45PM

(Updated - June 28, 2016 12:45 PM EDT)

ECB president Mario Draghi said to see Brexit vote cutting Euro GDP as much as 0.5%, according to Bloomberg. Draghi also sees GDP growth reduction over the next three years.

UPDATE - Draghi believes the Brexit-related recession will affect foreign exchange markets and lead to competitive devaluations. The official also said that it is time to address bank vulnerabilities.

Comments come from an EU summit document obtained by Bloomberg.


Sturgeon to meet EU leaders in drive to keep Scotland in bloc Jun 28, 2016 09:00AM

By Elisabeth O'Leary

EDINBURGH (Reuters) - First Minister Nicola Sturgeon will meet European Parliament chiefs in Brussels on Wednesday to seek a way for Scotland to remain in the European Union, she said on Tuesday.

Scotland, a nation of five million people, voted to stay in the EU by 62 to 38 percent in last week's referendum, putting it at odds with the United Kingdom as a whole, which voted 52 to 48 percent in favor of Brexit.

... (continue reading...)
Merkel tells Britain no 'cherry-picking' in Brexit talks Jun 28, 2016 05:07AM

BERLIN (Reuters) - Chancellor Angela Merkel told Britain on Tuesday it will not be able to cherry-pick the parts of the European Union it wants, such as the single market, without accepting principles like free movement when it negotiates its exit from the bloc.

Addressing Germany's Bundestag lower house of parliament before heading to Brussels for talks on Britain's shock decision to leave the EU, Merkel said London would not get special treatment.

... (continue reading...)
ECB's Draghi calls for global central bank policy alignment Jun 28, 2016 04:34AM

By Francesco Canepa and Balazs Koranyi

SINTRA, Portugal (Reuters) - Central banks around the world should align their monetary policies to help prevent "destabilizing spillovers" between economies growing at different paces, European Central Bank President Mario Draghi said on Tuesday.

Draghi did not make any reference to Britain's vote to leave the European Union last week, which has rocked global markets and put a question mark over the... (continue reading...)


ECB's Draghi expresses 'sadness' at Brexit vote Jun 27, 2016 03:28PM

SINTRA, Portugal (Reuters) - The European Central Bank's president Mario Draghi expressed "sadness" on Monday at Britain's vote to leave the European Union.

In his first comments on the result of last Thursday's referendum, Draghi said: "Sadness is the best word for what we feel when we witness changes of this magnitude."

He was opening the ECB's annual forum on central banking in Sintra, Portugal. Before the vote, Draghi had said the ECB was... (continue reading...)


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