German Chancellor Angela Merkel said on Monday it was understandable that Britain needs time before triggering its exit from the European Union, but warned against dragging out the process. “We cannot afford to have a long period of uncertainty. I think that would not be good for either the EU’s 27 member States or Britain. But I also understand that Britain needs a certain period of time to analyse the situation,” she said.
The German Chancellor, Angela Merkel, has said there can be no talks on Brexit before the UK formally begins the process of leaving the EU. While accepting the UK needed time, she added it should not be a “long time”.
Merkel is due to meet the French President and Italian Prime Minister later in Berlin, with the speed of negotiations for the UK’s exit high on the agenda. The UK’s chief finance Minister issued a statement to try to calm markets.
UK shares have remained uneasy in the wake of the vote, although Chancellor George Osborne’s statement appeared to have helped lessen further big falls in shares and the pound.
“I have the task to consider that message when it comes. We should not wait a long time. I do understand that the UK will consider things for a while.
“There cannot be any informal negotiations until we get that message (triggering Article 50) from the UK.
She added, “All 27 (remaining EU States) must work together to prevent any centrifugal forces.”
“We can’t have a permanent impasse,” she added.
Once the UK invokes it, Article 50 of the Treaty of lisbon sets out a two-year timetable to reach an exit deal. But UK PM David Cameron, who will step down by October, says he will leave the timing to his successor.