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Germany's Scholz Says Finance Must Prepare for No Deal Brexit

Olaf Scholz on Feb. 8.
Olaf Scholz on Feb. 8.Photographer: Chris Ratcliffe/Bloomberg
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The financial industry needs to prepare for the ripple effects of the U.K. leaving the European Union without a deal that spells out its future relationship with the bloc, said German Finance Minister Olaf Scholz.

Regulators, governments and the European Commission are working with financial market players to minimize the risk from Brexit at the end of March, according to Scholz. He hinted that being ill-prepared could have fatal consequences.