German minister: nobody can afford hard Brexit

Описание: (18 Dec 2018) German Finance Minister Peter Altmaier said a hard Brexit was in no one's interest, adding Britain and the European Union needed to try and limit collateral damage.
Altmaier was speaking in Paris where he was visiting the International Energy Agency's headquarters and meeting with its executive director Fatih Birol.
He said a negative economic impact from Brexit could not be excluded "but we can try to limit it as far as possible. This is why we have offered a transitional period. This is why we are ready to talk about the future relationship."
Altmaier spoke as the British Cabinet was meeting to discuss ramping up preparations for Britain's departure from the European Union without a deal.
The discussions are expected to center on how 2 billion pounds (2.5 billion US dollars) in government funding to absorb the potential economic chaos is to be allocated.
May's Cabinet is divided between Brexiteers who think a no-deal departure could be managed to ease the economic shock and more pro-EU lawmakers who say no-deal Brexit must be avoided at all costs.
With Britain's departure from the bloc just over 100 days away, it remains unclear whether the country will leave with a deal or crash out without one - an outcome that risks touching off gridlock at ports and shortages of goods as well as plunging the economy into recession.
Altmaier spoke on Brexit before meeting with Birol who meanwhile explained how shale oil was affecting the world economy.
The International Energy Agency said that record high levels in US shale oil production are in part responsible for the steep drop in prices since early October.
Birol described shale oil as "the big game changer" set to bring "a huge amount of volatility" in oil prices in the months and years to come.
The US's growing production combined with Russia's record high oil output have caused prices to drop 30 percent in the last couple of months.

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