03 Apr 2019
A no-deal Brexit would cause disruption and might also have an impact on liquidity in financial markets, the European Union commissioner in charge of financial services said on Tuesday in a stark reminder of the risks posed by a hard Brexit.
The EU has put in place a series of contingency measures to deal with a no-deal Brexit, which in the financial sector include a temporary recognition of Britain-based clearing houses which process multi-trillion-euro derivative transactions.
But EU Commissioner Valdis Dombrovskis sounded a warning note.
“We will not be able to mitigate all possible negative economic effects,” he told the economic committee of the European Parliament in a regular hearing.
By Francesco Guarascio, Reuters, 2 April 2019
Read more at Reuters
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