Bank of England Governor Mark Carney highlighted the ups and downs of the United Kingdom’s membership, saying the economy has become more open and dynamic, but been exposed to further risks.
Speaking in Oxford, England, the BOE head said Britain has been one of the largest beneficiaries of the European Union’s four freedoms in the decades since it joined, as it experienced free movement of capital, labor, goods, and services throughout national borders unlike other countries.
Carney, however, added the EU membership has exposed the nation to economic turmoil, as European policymakers are struggling to resolve a debt crisis encompassing the region’s weaker members and threatening to undo the single currency zone at the EU core.
The BOE governor emphasized his remarks were not intended to weigh the pros and cons of being an EU member state.
The material has been provided by InstaForex Company – www.instaforex.com