Courtesy of Mish.
In the aftermath of Brexit, battle lines over the process have formed.
German chancellor Angela Merkel is on one side, Christine Lagarde and the IMF is on the other side.
Italy and France want things both ways.
IMF Seeks Quick Action
IMF head Christine Lagarde Urges Quick Action on Brexit
The International Monetary Fund has called for the UK and the EU to quell uncertainty over the implications of Britain’s vote to leave the 28-member bloc by acting quickly and cohesively, following three days of confusion.
Christine Lagarde, the IMF chief, said on Sunday that the fund “will continue to encourage the parties involved to actually proceed with this transition in the most efficient, predictable way in order to reduce the level of uncertainty, which will itself determine the level of risk we are facing”.
Christine Lagarde, the IMF chief, said on Sunday that the fund “will continue to encourage the parties involved to actually proceed with this transition in the most efficient, predictable way in order to reduce the level of uncertainty, which will itself determine the level of risk we are facing”.
Asked if the UK could reverse its shock decision, she said: “I just don’t see it, personally” but then added: “I don’t want to be quoted on that. It is very much up in the air”.
Take Your Time
Also consider Merkel Tells the UK: Take Your Time — but Don’t Call Us.
The leaders of Germany, France and Italy on Monday decided against pressing the UK into a rapid start to its Brexit negotiations, in a move that gives London time to consider its options amid raging political and economic uncertainty.
But German chancellor Angela Merkel, French President François Hollande and Italy’s prime minister Matteo Renzi also rejected suggestions from Britain’s Leave campaigners for informal discussions about the break-up — putting pressure on the UK to decide alone on its next moves.
The trio prepared the ground for a key EU summit in Brussels this week where Brexit will top the agenda and the UK will, for the first time, be excluded from part of the discussions.
The decision to give the UK time is at odds with demands from European Commission president Jean Claude Juncker and others for Britain to move quickly into formal negotiations. Ms Merkel opposes that; Mr Hollande and Mr Renzi fell in reluctantly with the chancellor’s approach, with both urging the UK to move “as fast as possible”.
