central banks are committed to address ‘Brexit’ – Milenio.com

The Bank for International Settlements (BIS) reported that “central banks conduct careful monitoring of market functioning and stability and cooperate closely” following the decision of the UK to leave the European Union (EU).

Director of the Board of Global Economy, the Mexican Agustin Carstens, said that in the meeting held yesterday the governors of central banks discussed the implications of the referendum in the UK on the EU.

“governors endorsed the contingency measures implemented by the Bank of England and emphasized the readiness of central banks to support the proper functioning of financial markets,” he added also governor of the Bank of Mexico.

“central banks will conduct close monitoring of market functioning and stability and cooperate closely,” he added.

the Board of Global Economy is the main forum for discussion of the governors of the central banks in their bi-monthly meetings.

the BIS, headquartered in the Swiss city of Basel, published on Sunday its annual report at a time of great uncertainty in the financial markets and heavy dependence on central banks.

the BPI, which also celebrates today its annual meeting, attends central banks in promoting monetary and financial stability, it promotes international cooperation in these areas and acts as a bank for central banks.

the agency forecast last Friday, “a period of uncertainty and set” after the United Kingdom decided in a referendum to leave the EU.

“with good cooperation at the global level, we are confident that it may contain uncertainty and adjustments occur more smoothly as possible, “according to the BIS.

wARN oF LOSS

the output of the European Union (EU) could cost the British losses up to 300 billion euros in 15 years, according to a study by the German Bertelsmann Foundation.

the economic consequences of Brexit will be huge for Europe, says the report.

“it’s a situation where everyone loses, the member states and in a particularly dramatic way, UK countries,” said the director of the economics department of the foundation, Andreas Esser.

If the EU countries maintain their hard line with previously announced UK, the economic losses that could result in that country would reach 300 billion euros until 2030. and until that year, fall in gross domestic product (GDP) could be 14 percent.

in the same period, Europe’s largest economy, Germany, could lose more than 55 billion euros.