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Brexit to hit UK harder than rest of Europe: ESM MD Klaus Regling

Brexit is among a series of events, including elections this year in Netherlands, France and Germany, that has increased uncertainties, Regling said.

By: Reuters | Hong Kong | Published: January 16, 2017 10:08 am
Brexit, Brexit impact, EU referendum, European Stability Mechanism, ESM, ESM Brexit, Klaus Regling, business news, world market, latest news, indian express “The rise of populism, not only in Europe but also in the United States, questions the post war economic order that has brought unprecedented prosperity and reduction in poverty,” Regling said at the Asia Financial Forum. (File Photo)

Britain’s decision to leave the European Union would have a bigger effect on the United Kingdom than the rest of Europe, as political and economic uncertainties grow around the world, the head of the euro zone bailout fund said on Monday.

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Brexit is among a series of events, including elections this year in Netherlands, France and Germany, that has increased uncertainties, Klaus Regling, managing director of the European Stability Mechanism (ESM), said in a speech in Hong Kong.

“The rise of populism, not only in Europe but also in the United States, questions the post war economic order that has brought unprecedented prosperity and reduction in poverty,” Regling said at the Asia Financial Forum.

“As an economist I’m worried at the future of world trade, cross border cooperation, and the role of international institutions.”

Still, he said the economic situation in Europe has been improving, with unemployment declining and economies including Spain and Ireland expanding.

“Brexit is a disruptive event though I believe it’s a bigger problem… for the UK than the rest of Europe.”

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