ECB's Draghi expresses sadness at Brexit vote as markets plunge

Image
Reuters SINTRA, Portugal
Last Updated : Jun 28 2016 | 1:57 AM IST

SINTRA, Portugal (Reuters) - European Central Bank President Mario Draghi expressed "sadness" on Monday at Britain's vote to leave the European Union, which has roiled global markets and raised questions about the future of the EU.

The Brexit vote has pummelled the pound and hammered banking shares, leaving investors waiting for a response from major central banks.

In his first comments on the result of last Thursday's referendum, Draghi said: "Sadness is the best word for what we feel when we witness changes of this magnitude."

Draghi, who was opening the ECB's annual forum on central banking in Sintra, Portugal, will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting.

A panel discussion with the heads of the Bank of England and the Federal Reserve, scheduled for Wednesday in Sintra, has since been cancelled.

Central banks are ready to cooperate to support financial stability in the wake of Britain's vote to leave the European Union, the Bank for International Settlements said on Saturday, following a gathering of officials in Switzerland.

(Reporting By Balazs Koranyi and Francesco Canepa; Editing by Toby Chopra and Hugh Lawson)

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 28 2016 | 1:51 AM IST

Next Story