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Brexit could hurt euro zone economies: ECB's Nowotny

Monday, Jul 09 2018
Brexit could hurt euro zone economies: ECB's Nowotny

British Foreign Secretary Boris Johnson and Brexit minister David Davis departed over Prime Minister Theresa May’s plans to leave the European Union, leaving the British leader’s Brexit plans in ruins. The ECB Bank is following the fallout from Britain’s efforts to negotiate its departure, Nowotny said, highlighting it as one of the three main threats to economic growth in the 19 countries which use the single European currency.

“For the euro zone, the Brexit constellation is something we look at,” Nowotny told an event in Zurich just before news of Johnson’s exit. “It is mainly a risk for the U.K. but it also poses risks and uncertainties for the euro zone.” Other potential problems included looming trade wars along with constraints on economic capacity which could lead to slower growth, he said. The ECB expects euro zone economic growth of 2.1 percent this year, easing to 1.9 percent in 2019 and a 1.7 percent rate in 2020. “These lower growth rates do not mean an end to the good times,” Nowotny said. “It means we have reached a plateau and can grow with capacity growth.”

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