ECB's Nowotny: 'Period of Cooler Heads ' Now on Brexit

The transcript discusses the early market reactions to Brexit, highlighting the potential overreaction and the need for cooler heads. It examines the impact on growth in the Eurozone, noting that different countries will be affected differently based on their economic ties with the UK. The discussion also covers the currency's role in price stability and the ECB's focus on exchange rates. Finally, it addresses the potential relocation of euro payment and settlement services from the UK to the Eurozone, emphasizing that market institutions will naturally react to Brexit.

What was the initial reaction to Brexit according to the transcript?

• A calm and measured response

• A strong and possibly overreactive response

• No significant reaction

• Immediate policy changes

How does the impact of Brexit vary among eurozone countries?

• The impact is the same regardless of economic relationships

• Only non-eurozone countries are affected

• Countries with closer economic ties to the UK are more affected

• All countries are equally affected

What is the significance of the currency exchange rate in the context of Brexit?

• It only affects non-EU countries

• It has no impact on economic relationships

• It is crucial for price stability

• It is no longer important

What is the ECB's stance on relocating euro payment services post-Brexit?

• The ECB strongly supports it

• The ECB is neutral but acknowledges market reactions

• The ECB opposes it

• The ECB has already initiated the process

What is the ECB's approach to the economic changes brought by Brexit?

• Ignoring the changes

• Careful observation and analysis

• Implementing new policies immediately

• Immediate intervention