ECB’s Knot: Looming hard Brexit may be as damaging as no deal Brexit

The European Central Bank (ECB) Governing Council member Klaas Knot warned against a possibility of Hard Brexit and its negative impact on the economy while speaking at an event on Wednesday.

Key Quotes:

“In economic terms there may be little difference between a no-deal Brexit that could have occurred on the 31st of January, and a hard Brexit that could still occur at the end of 2020.” 

“This would happen if the EU and the UK are unable to agree on a timely trade deal. And if there is no mutual consensus on extending the transitional period beyond 2020.”