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Eurogroup chief says let's minimise the damage of Brexit
April 6, 2017 / 11:30 AM / 6 months ago

Eurogroup chief says let's minimise the damage of Brexit

BERLIN, April 6 (Reuters) - Britain and the remaining 27 members of the European Union should stay away from the ‘cliff edge’ of Britain falling back on World Trade Organisation terms of trade at the end of Brexit negotiations, Eurogroup chairman Jeroen Dijsselbloem said.

“Let’s try to minimise the damage,” he said of Brexit, speaking at a banking conference in Berlin on Thursday.

Dijsselbloem, who said he would discuss Greece with German Finance Minister Wolfgang Schaeuble while in Berlin, said the more he thought about Brexit, the more worried he became. He singled out financial stability as one area of particular risk.

Asked about “passporting” rights for Britain-based institutions to sell financial services in the EU single market after Brexit, Dijsselbloem replied: “I think, also talking to financial players from the City, that passporting won’t be the answer. There will be different regimes for different sub-sectors of the financial sector.” (Writing by Paul Carrel)

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