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4/25/2017, 8:48 AM (Source: TeleTrader)
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ECB's Nowotny: Banks need EU base after Brexit

The world's largest economy risks slipping without orientation as the administration of President Donald Trump is unprepared to implement campaign promises, said Ewald Nowotny, Austria's chief central banker. Europe may be affected by a potential introduction of an import tax in the United States and the expected spillover from the rise in interest rates, he added in an interview with Der Standard published on Tuesday.

The member of the European Central Bank's Governing Council expressed concern risks emanating from Britain's departure from the 28-member bloc are underestimated. He stressed Brexit means operators of financial services will need to have headquarters in the European Union in order to be able to operate there. Cherry-picking isn't possible for the government in London, he said. Time pressure in negotiations is very significant and "negative surprises" are posible, the rate-setter stated.

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