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04:13

Germany: 'Critical' for UK and EU to keep close relationship after Brexit - Merkel

Germany, Frankfurt
September 26, 2019 at 17:57 GMT +00:00 · Published

Angela Merkel described the need for a close working relationship between the UK and the EU after Brexit at a congress for the German Newspaper Frankfurter Allgemeine Zeitung (FAZ) in Frankfurt on Thursday.

Merkel cited specifically the need for a "very close working relationship with Great Britain in foreign and security policy."

She described Brexit as much more than simply a "Westminster or British problem" as "everything is connected."

She also said that Brexit could motivate the European Union to adapt, as "if the situation develops, however, that we need 10 years longer than the rest of the world to have regulations, then the benefits of the European Union will not be achieved."

Also speaking at the event was the Chief Executive Officer of Deutsche Bank, Christian Sewing.

On China, Sewing said that a trade war between the US and China "is one element of a wider picture. But when you really look at China, the long term element is that China now produces a lot of things that we for a long time have exported. We must change the structure of our economy."

He noted, that if change to the structure of the economy occurs, Germany "will have little problem even with seeing a weaker economic period for the coming months or maybe one or two years."

Sewing added that, the despite growing importance of digital currencies, as of now he "can't imagine that a [digital] world currency or a [digital] reserve currency like the US Dollar will come into play."

04:13
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Angela Merkel described the need for a close working relationship between the UK and the EU after Brexit at a congress for the German Newspaper Frankfurter Allgemeine Zeitung (FAZ) in Frankfurt on Thursday.

Merkel cited specifically the need for a "very close working relationship with Great Britain in foreign and security policy."

She described Brexit as much more than simply a "Westminster or British problem" as "everything is connected."

She also said that Brexit could motivate the European Union to adapt, as "if the situation develops, however, that we need 10 years longer than the rest of the world to have regulations, then the benefits of the European Union will not be achieved."

Also speaking at the event was the Chief Executive Officer of Deutsche Bank, Christian Sewing.

On China, Sewing said that a trade war between the US and China "is one element of a wider picture. But when you really look at China, the long term element is that China now produces a lot of things that we for a long time have exported. We must change the structure of our economy."

He noted, that if change to the structure of the economy occurs, Germany "will have little problem even with seeing a weaker economic period for the coming months or maybe one or two years."

Sewing added that, the despite growing importance of digital currencies, as of now he "can't imagine that a [digital] world currency or a [digital] reserve currency like the US Dollar will come into play."

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