German chancellor Angela Merkel described the outcome as a “blow for Europe” and a “blow for the process of European unification”, but cautioned against drawing “instant and simple conclusions” from the referendum.
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He said Britain should name a new prime minister in the coming days to speed up the exit process, hinting at a looming tension between the European Union and United Kingdom leaderships.
“I have proposed to the leaders that we consider a wider reflection on our union”, he said.
“The decision of the British people in the referendum was of great significance”. “The summit on Tuesday is the appropriate moment to do so”. So it is up to the new Prime Minister to decide whether Article 50 should be triggered.
Brexit could also affect interest rates, if market volatility makes the United States Federal Reserve more reluctant to raise interest rates, as some believe it will.
European Central Bank Governing Council member Francois Villeroy de Galhau warned London’s financial center would lose its prized “EU passport” if Britain fails to negotiate continued access to the bloc’s single market. “I will do all that I can to help”, the 49-year-old Conservative leader said, adding that the “will of the people must be respected”.
The EU will “play it tough” against Britain because it wants to deter other countries from doing the same thing, says Achim Hurrelmann, a political science professor at Carleton University.
If no deal is reached, Britain will be left with no choice but to operate under the rules of the World Trade Organization, he said.
Hollande said the separation “will be painful for Britain but…as in all divorces, it will be painful for those who stay behind, too”.
Moody’s said Friday it may cut the U.K.’s credit rating – potentially making it more expensive for the government to borrow money – because of the economic and political uncertainty unleashed by the Brexit vote.
Luxembourg Foreign Minister said he hoped there would be no “cat and mouse” game.
“It is completely clear that we now have a situation that allows for neither hysteria nor paralysis”, Steinmeier told reporters.
Mrs Merkel was speaking after several European Union foreign ministers, including Germany’s, had urged Britain to quickly implement its exit. But, he said, “there’s no way of predicting all the political consequences of this event”.
Chinese state media on Saturday offered snide criticism of the negative consequences of democracy after Britain voted to leave the European Union, but vowed to stand by the “golden age” of Sino-British ties.
Cameron, who on Friday announced his resignation by October in the wake of the referendum, said it should be his successor who leads the complex negotiations under Article 50 of the EU’s Lisbon Treaty which sets out a two-year timeframe to leave.
Mandy Suthi, another pro-Brexit voter, told the Evening Standard that she would vote differently if the referendum was held again.
The online petition – which only British citizens or United Kingdom residents have the right to sign – was proving so popular that by 2136 GMT on Saturday, 2,503,065 people had signed it.
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The UK’s European Commissioner, Lord Hill, has already resigned, confirming yesterday that he would stay on a few weeks to ensure an “orderly handover” to Latvian politician Valdis Dombrovskis, who will replace him in charge of EU financial services.
