The EU has agreed to a three-month so-called ‘flextension’ to Brexit, by which terms the UK can leave at any point before that date if a deal is agreed. This came despite French opposition to a longer extension, which was favoured by countries closely linked to the UK economy, like Ireland.
In his final speech to the European Central Bank, Mario Draghi has called for unity among policymakers, following a spilling into the public arena of disputes over his policy of returning to QE. As he passes on his position to Christine Lagarde, Draghi considered the successes of the ECB, arguing yesterday that ‘public trust in the euro has risen to its highest level ever…[and]…policymakers are reaffirming the euro is irreversible.’ Nonetheless, in a climate of a global slowdown, Christine Lagarde will have a number of challenges to deal with immediately as she assumes the position.
