Irish business must prepare for post-Brexit friction: central bank chief

FILE PHOTO: A man walks past the Central Bank of Ireland in Dublin, Ireland, July 25, 2016. REUTERS/Clodagh Kilcoyne/File Photo

Irish consumers, businesses and regulators must expect and plan for more friction in their trade with Britain because Brexit represents a substantive change for the economy, the country’s central bank governor said on Wednesday.

“It seems likely and unsurprising that any future economic relationship between the EU and the UK will have more hurdles than the status quo. Consumers, businesses and regulators should expect, and plan for, more frictions and divergence,” Gabriel Makhlouf said in a speech.

Makhlouf, who is also a member of the European Central Bank Governing Council, said the spread of the coronavirus adds to already existing uncertainties and risks at the global level, with the potential for a negative short-term growth shock.

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