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Bank of France Warns on Need to Avoid `Cliff-Edge' Brexit

  • Britain will bear brunt of pain but others also affected
  • ECB council member Villeroy de Galhau gives speech in London

Bank of France Governor Francois Villeroy de Galhau warned that the U.K. and European Union need to move to avoid the consequences of an abrupt separation that would pose risks to both economies.

“All actors should as of now undertake all the necessary preparations to avoid any potential ‘cliff-edge,”’ Villeroy said Thursday at a lunch organized by the French Chamber of Commerce in London.