European Central Bank Plays No Part In Brexit Negotiations - Bank's President

The European Central Bank (ECB), the monetary regulator of the euro area, does not participate in negotiations on the conditions for UK withdrawal from the European Union, ECB President Mario Draghi said Monday.

BRUSSELS (UrduPoint News / Sputnik - 25th September, 2018) The European Central Bank (ECB), the monetary regulator of the euro area, does not participate in negotiations on the conditions for UK withdrawal from the European Union, ECB President Mario Draghi said Monday.

"The ECB is not part of the negotiation itself. We have to see what's the outcome of this negotiation before we can actually see what's the next course of action ... We depend on what's the final outcome," he said at a hearing in a European Parliament committee.

The ECB positively assesses cooperation with the Bank of England, Draghi added.

"We have formed with the Bank of England a working group, and we are examining various parts of the negotiation ... The cooperation with the Bank of England is good," he said.

In late April, the ECB said that it was convening a joint working group with the Bank of England to manage the risks in the financial services that may arise as a result of the UK's withdrawal from the EU.

Negotiations with the United Kingdom on behalf of the 27 states remaining in the European Union, which include all 19 countries of the eurozone, are led by the member of the European Commission Michel Barnier on a mandate from these EU countries.

The United Kingdom is expected to leave the European Union in March next year, with the parties still facing a number of unresolved issues over post-Brexit arrangements. The no-deal scenario remains possible, as London and Brussels disagree on several crucial points, including the customs regulations and the Irish border.