The European Union reckons that Britain’s decision to leave the 28-country bloc could see up to 2.5 percent shaved off the country’s economic output through next year.
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“This is a precondition for any negotiation to start on its future relationship with the European Union, either formal or informal”, he said.
Though Britain’s decision to leave the European Union isn’t a primary topic of discussion, the finance ministers have a number of thorny issues to address that have been elevated in the wake of the referendum result, such as the financial health of Italian banks.
“I did not have my children to bring them into a world where they were part of an isolated Britain with values that I can not identify with”, said Jenkins. “And I’m not doing this, how I could say, in a hostile mood”, Juncker said.
Austrian Finance Minister Hans Joerg Schelling welcomed news that Theresa May is set to be named Britain’s next prime minister but urged a “fast decision” on whether to hold new elections to avoid “uncertainty” in the markets.
Obama spoke with British Prime Minister, David Cameron and German Chancellor, Angela Merkel, saying the European Union would remain a vital US partner.
Cameron said he will visit Queen Elizabeth II to resign after his last question-and-answer session in the House of Commons on Wednesday. “And if voting for an independent Scotland means that that’s more likely to happen, then that’s what I would do”.
The shock could prevent the US Federal Reserve from raising interest rates as planned this year or even provoke a new round of emergency policy easing from central banks.
Still, in his remaining time in office, Obama has sought to use his popularity in Europe and his presidential megaphone to defend worldwide cooperation and the “European project” and will urge other leaders to speak up more forcefully.
He has, however, nominated the UK’s ambassador to France to become Britain’s new European Commissioner. To invest long-term, companies need to have clear idea about trade rules and tariffs and regulation they will face in the future.
Obama said that despite the problems posed by Brexit, European integration was crucial and the United States had a major interest in its continued success.
Mr Cameron claimed the impact of the Brexit vote had created the biggest challenge to the British political system for 40 years.
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“We’ve got to come up with strategies to allow people in countries that are very poor or are in the middle of a war zone [to] enjoy some peace and prosperity”, he said.
