EU's Moscovici urges Britain's May to 'accelerate' Brexit

The European Commission's economy chief Pierre Moscovici urged Britain's prime minister in waiting Theresa May on Tuesday to accelerate the process towards Brexit.

Moscovici, France's European commissioner, said further delays following the June 23 referendum in which Britons voted to leave the EU would prolong damaging uncertainty for the economy.

"The Conservative party went fast. (Prime Minister) David Cameron was supposed to be replaced in September, we are only July, so why lose those two months?" Moscovici told reporters, a day before May was to take over as prime minister from Cameron.

"It's possible that the process of the discussion with the European Union also accelerates. That's what I think a lot of people expect and hope and call for," he added, before entering talks with the EU's finance ministers.

His comments came hours after German Chancellor Angela Merkel urged May to "quickly" clarify what kind of future relationship it wants with the EU.

Moscovici a day earlier warned that the negative effects of Brexit could knock growth significantly lower in Britain, as well as the EU and eurozone.

In a preliminary analysis, the Commission, the EU's executive arm, said that growth for the eurozone in 2017 could end up at just 1.2 percent, instead of the official forecast of 1.8 percent.

"If there is something that investors, consumers don't like, it's uncertainty," said Eurogroup head Jeroen Dijsselbloem, the Dutch finance minister.

"So I would say it is in the UK's interest to get clarity as soon as possible on its future relations (with the EU)," he added.

Source: AFP