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8 Jan 2020
ECB’s Knot: Looming hard Brexit may be as damaging as no deal Brexit
The European Central Bank (ECB) Governing Council member Klaas Knot warned against a possibility of Hard Brexit and its negative impact on the economy while speaking at an event on Wednesday.
Key Quotes:
“In economic terms there may be little difference between a no-deal Brexit that could have occurred on the 31st of January, and a hard Brexit that could still occur at the end of 2020.”
“This would happen if the EU and the UK are unable to agree on a timely trade deal. And if there is no mutual consensus on extending the transitional period beyond 2020.”