ECB chief economist speaking in London 23 Feb

  • impact of Brexit on trade in goods and services will be substantial
  • a more widespread reversal of European economic integration would durably jeopardize economic prosperity

"It is important to recognise the tensions that exist between the individual priorities of nation states and the pooling of national sovereignty for mutual gain. The regulations for the Single Market need to be strong enough to promote innovation, but not so tight that they stifle it.

By the same token, countries have to be able to pursue their own social agendas where these do not clearly clash with the principles of the Single Market. The principle of subsidiarity is important."

Praet making a speech at the conference "Brexit and the implications for financial services" jointly organised by SUERF and hosted by Ernst & Young in London"

Full speech now available on the ECB website here