ECB's Draghi: Sources of risk from outside the EU have grown since May

Below are some additional quotes from the introductory statement delivered by Mario Draghi, President of the ECB, during his exchange of views with the House of Representatives in Dublin, Ireland, 8 November 2018.

  • As regards Brexit, with negotiations ongoing and less than five months to go until the United Kingdom’s departure from the European Union, it is essential to prepare for all possible outcomes, including a no-deal scenario. 
  • While the direct trade effects of a hard Brexit would be limited for the euro area as a whole, Ireland is more exposed due to its very close trade relations with the United Kingdom.
  • We also see limited overall risks to euro area financial stability.
  • Without sufficient mitigating action, however, a cliff-edge Brexit could have an adverse impact in certain areas of centrally cleared derivatives markets.
  • Sources of risk from outside the EU have grown since May.
  • A stronger US dollar and heightened trade tensions triggered renewed stress in a number of emerging market economies.

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