IMF's Christine Lagarde urges smooth transition for UK, EU authorities

She said, 'We support commitments of BoE and ECB to supply liquidity to banking system, curtail excess financial volatility

International Monetary Fund Managing Director Christine Lagarde on Friday urged British and European authorities to work towards a smooth transition implementing Britons' vote to leave the European Union.

"We take note of the decision by the people of the United Kingdom," Lagarde said in a statement. "We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including by clarifying the procedures and broad objectives that will guide the process."

"We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility. We will continue to monitor developments closely and stand ready to support our members as needed." Lagarde added.