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Financial News: ECB's Nowotny Says Uncertainty Of US Measures Worrying,

ECB's Nowotny Says Uncertainty Of US Measures Worrying, Brexit Underestimated

04/25/2017 - 03:40:00 (RTTNews)

(RTTNews) - Uncertainty about the future measures of the Trump administration is particularly worrying and the problems from Brexit may be underestimated as of now, both posing political risks for the European economy, European Central Bank policymaker Ewald Nowotny said.

"One of our interlocutors in Washington told us that Trump and his team did not expect to win," Nowotny said in an interview to the Austrian newspaper Der Standard, published on Tuesday.

"...they are not prepared as to how they should go on."

This means the outlook for the biggest economy in the world would remain uncertain for some time, Nowotny, who heads the Austrian central bank, said. The Trump administration does not have any answers to important questions on tax reforms and trade deals, he noted.

Regarding Brexit, Nowotny said the ECB has a clear stance that financial institutions that wish to be active in the EU must also have their seat and supervision in the EU. Cherry-picking will not be allowed in negotiations, he stressed.

He also expressed fear that the problems of the Brexit may have been underestimated thus far and warned that there was room for many negative surprises to occur in future, especially due to time pressure.

Talks with the UK must be concluded in two years, both on an orderly exit and future cooperation, he noted. These are things that have taken much more time in the past, the policymaker pointed out.

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