Draghi expects Brexit vote to cut Eurozone GDP

European Central Bank President Mario Draghi reportedly said to EU leaders in Brussels that he expects that Brexit vote to cut Eurozone GDP by as much as 0.5 percentage points over three years.

According to documents seen by Bloomberg, Draghi noted he is concerned that the Brexit could lead to competitive devaluations in the FX market and may increase risk premiums and turbulence. Draghi said the ECB would do everything necessary to ensure price stability.