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Ireland will be eurozone's biggest loser from a no-deal Brexit, says central bank chief - FT

10/22/2020 | 03:29am EST
FILE PHOTO: Different coloured road markings and a line in the tarmac mark the border between Ireland and Northern Ireland in Bridgend Northern Ireland

(Reuters) - Irish central bank Governor Gabriel Makhlouf warned that Ireland will be the eurozone's biggest loser from a no-deal Brexit, which could cause an economic "double whammy" in addition to the fallout from rising novel coronavirus infections, the Financial Times reported https://www.ft.com/content/97cc8574-f467-466f-bc88-f9f1b162fd35 on Thursday.

If the UK exits the European Union without a trade deal by the year-end, the new tariffs on goods would hit Ireland's agricultural and food sectors the most, Makhlouf told FT.

It will knock two percentage points off the country's economic growth in 2021, he said. 

Makhlouf also predicted that in the longer term, London's dominant position in Europe's financial services sector will likely shift slowly to Dublin, Frankfurt, Paris or Amsterdam.

(Reporting by Maria Ponnezhath in Bengaluru; editing by Uttaresh.V)


© Reuters 2020
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