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END OF EU? Brexit is ticking TIME BOMB for eurozone, says Merkel’s finance chief

BRITAIN’S exit from the European Union (EU) WILL knock the eurozone economy, Germany’s finance minister Wolfgang Schaeuble has admitted.

Wolfgang SchaeubleGETTY

Brexit will impact the eurozone economy, says Mr Schaeuble


At the same time political risks to bloc have increased, the minister told an audience at the World Economic Forum in Davos.Europe will manage to avoid any damage this year from the UK’s withdrawal, but in the future is likely to feel a negative impact, said Mr Schaeuble

The German finance minister also expressed concern over the looming French, German and Dutch elections.

It comes as the popularity of anti-euro parties in the countries increases.

Mr Schaeuble said: “Brexit will not have [an impact] this year – in the future, of course.”
He added: “We have elections in some important European member states. Therefore, there is a lot of uncertainty, we don’t really know what will be the geopolitical risk, if we will have problems in free trade.

“We will see what happens. I’m not quite sure because geopolictial risks have increased – they have not been reduced.”

The politician said he would work with Chancellor Philip Hammond to strike a deal that is in the interest of the UK and the EU.Mr Schaeuble added: “We have to manage this decision by the British people, we have to manage in the best way to minimise or to avoid any damage for UK, as well as for Europe.

“The German government will work in this negotiation in a direction so that we minimise any risk and damage for both of us – that is our clear position.”

http://www.express.co.uk/finance/city/756875/Brexit-eurozone-economy-2017-Wolfgang-Schaeuble-Davos

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2 Comments on "END OF EU? Brexit is ticking TIME BOMB for eurozone, says Merkel’s finance chief"

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James Leck
Member

Instead of preaching austerity by everyone else, the commission itself is now going to face a substantial reduction in its income. It’ll be interesting to see how it deals with it.

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