There are multiple sub-scenarios in the aftermath of a No vote on June 23. In almost all of them, however, London would lose business as a global financial center. Part of its unmatched position as a hub for international financial services is linked to its membership of the European Union and corresponding access to the EU internal market. Non-European banks, especially US ones, use London as a beachhead into the single market, and many euro-area banks centralize their EU...

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The people of the United Kingdom have spoken, and we respect their decision. The special relationship between the United States and the United Kingdom is enduring, and the United Kingdom’s membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy. So too is our relationship with the European Union, which has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond. The...

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The British citizens have made their choice to leave our Union. However much we regret this decision, we respect it. The challenges we are facing are too pressing for us to afford any institutional uncertainty. This is why we will move forward on the basis of our shared values and interests and why we will keep working for the security and the well-being of our citizens, for the inclusiveness and the resilience of our societies, and for a more just...

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Joint statement by Donald Tusk, President of the European Council, Martin Schulz, President of the European Parliament, Mark Rutte, holder of the rotating Presidency of the Council of the EU, and Jean-Claude Juncker, President of the European Commission, on the outcome of the United Kingdom referendum President Tusk, President Schulz and Prime Minister Rutte met this morning in Brussels upon the invitation of European Commission President Juncker. They discussed the outcome of the United Kingdom referendum and made the following...

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European Central Bank is closely monitoring financial markets ECB continues to fulfil its responsibilities to ensure price stability and financial stability in the euro area Following the outcome of the UK referendum, the European Central Bank (ECB) is closely monitoring financial markets and is in close contact with other central banks. The ECB stands ready to provide additional liquidity, if needed, in euro and foreign currencies. The ECB has prepared for this contingency in close contact with the banks that it supervises and...

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There's no hiding the fact that we wanted a different outcome of yesterday's referendum. I am fully aware of how serious, or even dramatic, this moment is politically. And there's no way of predicting all the political consequences of this event, especially for the UK. It is a historic moment but for sure not a moment for hysterical reactions. I want to reassure everyone that we are prepared also for this negative scenario. As you know the EU is...

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What is crucial to create a smart Europe? This question framed the first day of the European conference Industrial Technologies 2016, Wednesday 22 June in Amsterdam. The world is changing rapidly and we need to come out of our comfort zone to make our factories future proof. It’s eat or be eaten. With this message opened Ineke Dezentjé Hamming-Bluemink, chair of FME and president of CEEMET, the conference. Pan-European policy All keynote speakers underlined the importance of a pan-European policy to...

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The EU multiannual plan for managing Baltic Sea cod, sprat and herring stocks was approved in plenary on Thursday. This is the first new Common Fisheries Policy (CFP) regional plan that takes account of interactions between species. It aims to ensure the sustainability of fisheries and offer fishermen better economic conditions in the long run. Parliament and Council negotiators reached an informal agreement on it in March. The multispecies management approach is much more effective than managing a single species....

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Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the Natixis Meeting of Chief Economists, Paris, 23 June 2016 Ladies and gentlemen, The past few years, not to speak of present days, have been challenging ones for central banks worldwide, and the euro area has been no exception. The ECB’s monetary policy decisions have come under greater scrutiny than ever before. Some commentators have argued that the ECB does not have sufficient tools to counter deflationary...

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The EU's renewable energy target - 20% of total consumption by 2020 - has already been hit by many EU member states. But others lag behind and must do more, MEPs urge in a resolution, voted on Thursday, on the EU Commission's “renewables progress report." To achieve the EU's energy efficiency target - a 20% gain by 2020 – member states need to implement EU legislation faster, and in full, says a second resolution, also voted on Thursday. "Our concern...

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