(VOVworld)- Financial markets "vastly underestimated" the outcome of Britain's vote to leave the European Union but did not panic on Friday, International Monetary Fund Managing Director Christine Lagarde said on Sunday.
IMF Chief Christine Lagarde- Photo: www.business-standard.com |
Lagarde told a forum at the Aspen Ideas Festival in Aspen, Colorado that there was a violent, brutal, immediate massive move, and the pound went down by 10 percent, but there was no panic and the central bankers did the job that they were prepared to do just in case which was to put a lot of liquidity into the markets. She said policymakers are going to be expected to act in the most cohesive, concerted and hopefully positive way in response to the situation.
Meanwhile, UK Chancellor George Osborne sought on Monday to ease concerns over the vote to leave the European Union, saying the economy is as strong as it could and ready to face the uncertainty. He said the UK government has prepared for the unexpected.