The President of the group of Finance Ministers from the Eurozone, Mario Centeno has called on Westminster for resolving the issue of Brexit for both the banks of the English Channel. They are not on the same page with the British Prime Minister Boris Johnson, when he talks about the Brexit deal, terming it as real progress.
The chief, while talking to the CNBC stated that Brexit has turned out to be a structural change that is needed from social as well as political points of view. Therefore, it is the need of the hour to allow every economic agent and parameter to adapt to Brexit seamlessly. However, according to the chief, what is being done is unfortunately just the opposite. The President was talking to Steve Sedgwick of CNBC at the Ambrosetti Forum at Cernobbio in Italy. He further stated that because of the prevailing situation, it is imperative to bring in clarity in the entire process, to find a seamless way out of the prevailing political crisis.
The Administration of the newly elected British PM has been jolted with four crucial blows over the last couple of days, when lawmakers from various political parties joined hands to thwart any attempt to hold early snap polls and come in the way of any likelihood of a no-deal Brexit on October 31, 2019. This has dealt a severe blow to the economy of the country. The pound has been hovering around its lowest level in the last three years. Meanwhile, in Brussels, the officials have stuck to their stance that says they see no new plans in the horizon for a backstop of Northern Ireland or recovery of various other fundamental components of the economy – a scenario that remains more or less unchanged ever since Boris Johnson took office at 10, Downing Street.
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