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IMFis Lagarde: areas got ‘Brexit’ election incorrect, but didn’t stress

Written by Larry Williams  •  Monday, 27.06.2016, 09:41
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Lagarde told a forum at the Aspen Ideas Festival in Colorado that central bankers "did their job" by ensuring that ample liquidity was available, and policymakers worked to reassure market participants that the "situation was under control. And it was under control."

New York: There was a violent, savage, instant substantial move, the british pound went down by 10 percent, Lagarde said in Aspen. But there was no anxiety and the principal bankers did the occupation they were prepared to do just in case, which was to place lots of liquidity on the marketplaces.

There were no marketplace liquidity issues on Friday like those experienced during the worst part of the fiscal disaster in 2008, she said. Lagarde, nevertheless, said that markets respond from here depends on what measures European and UK policymakers take to handle limit uncertainty and the parting vote.

Only at that stage, policy makers both in great britain and in Europe are holding that degree of uncertainty in their own hands. How they come out in the the next couple of days is certainly going to actually drive the direction where threat will go, Lagarde said.

She said multilateral associations and policymakers needed to work to handle the consequences of the Brexit vote, and noted that Britain can activate the proper divorce proceeding. European politicians cannot drive their hands.

We have strongly motivated to really carry on with this transition in the most efficient, predictable method so that you can reduce the amount of uncertainty which will in itself ascertain the degree of threat, she said.

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