Eurozone taking steps to prepare for no-deal Brexit

Countries in the eurozone have been taking steps to prepare for a no-deal Brexit, even though they are hoping for this scenario not to occur, according to Mario Centeno, the chairman of the Eurogroup of eurozone finance ministers, who made the statement at a news conference held during the ECOFIN summit in Bucharest on Friday.

“Member states have prepared national contingency measures in financial services. Overall, European and national contingency measures cover all systemic activities in order to avoid market turmoil. Nevertheless, such measures can neither replicate the value of EU membership nor compensate for lack of preparation by private players,” Centeno said.

At the same event, EU Economics Affairs Commissioner Pierre Moscovici said that the EU was “ready to establish immediate control of customs in the event of a no-deal Brexit.”