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Brexit, Europe in shock: defend the euro and avoid contagion

A communication from the ECB is scheduled for the morning – Meeting in Brussels between Juncker, Schulz and Tusk to agree on an emergency plan – Merkel: “Radical shift” – Hollande: “We need a leap forward for the EU” – Obama: interview with Cameron during the day.

Brexit, Europe in shock: defend the euro and avoid contagion

Reassure the markets, defend the euro, limit the contagion effect as much as possible. These are the first goals of Europe after the surprise verdict of the Brexit referendum, which sanctioned the will of the United Kingdom to leave the EU.

It is expected in the morning a communication from the ECB, which should launch an emergency plan to plug the financial haemorrhage. Before the vote, the Eurotower said it was prepared to face any eventuality.

Meanwhile, to agree on the first political counter-moves, they will meet in Brussels the President of the European Commission Jean-Claude Juncker, that of the European Parliament Martin Schulz and that of the European Council Donald Tusk. Dutch Prime Minister Mark Rutte will also be present, since Amsterdam holds the rotating presidency of the EU Council.

Schulz he will also meet the German chancellor Angela Merkel to discuss how to avoid a chain reaction. “Negotiations to manage the United Kingdom's exit from the European Union will begin soon – said the President of the EU Parliament – ​​The United Kingdom has decided to go its own way, I think the economic data this morning show that it will be a way very difficult".

For Merkel, Brexit “is a radical turning point for the process of European unity”, but the EU “is strong enough to be able to handle challenges like this. This is why I offer my commitment together with that of the entire German government".

Also today, in Luxembourg, it will be held a Council of State Secretaries for European Affairs which will prepare the EU summit of 28 and 29 June.

In France, President Francois Hollande has convened a summit at the Elysée which will also be attended by Prime Minister Manuel Valls. “The vote by the British puts Europe to the test – commented Hollande –, it is a serious test and now we need a leap forward for the EU. Europe must concentrate on the essentials: security, investment, fiscal and social harmonisation. Europe must pursue its projects and not get lost in procedures. This is the position I will take to the European Council”.

the Belgian premier, Charles Michel, said that a summit between EU leaders should take place in July, but without David Cameron, to "define the political orientations on the future of Europe at the highest level", i.e. proceed along the path of completing the single market and the monetary union, but also to deepen cooperation on security matters. Michel believes that a "difficult moment can be transformed into an opportunity", but the vote for Brexit is still a "slap in the face to Europe". The construction of the EU was the most beautiful dream of the XNUMXst century, we need to build another one”.

Across the ocean, the president of the United States Barack Obama "was informed" of the outcome of the referendum vote in Great Britain. The White House made it known, adding that the president “will continue to be updated by his team; we expect he will have the opportunity to speak with Cameron later in the day”.

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