Brexit
ECB official warns of Brexit ‘shock’ to financial stability
Philip Lane emphasises London’s importance in providing financing to bloc
An influential eurozone central bank official has warned that an abrupt British departure from the EU would be a “genuine shock” threatening the stability of Europe’s financial system.
Philip Lane, governor of the Central Bank of Ireland and a member of the European Central Bank’s governing council, said the Brexit negotiations were the issue that merited his closest attention this year — and emphasised London’s importance in providing financing to the rest of the bloc.
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