Investing.com – International Monetary Fund (IMF) managing director Christine Lagarde applauded efforts by the Bank of England (BoE) and the European Central Bank (ECB) to buffer liquidity measures in the wake of the U.K. referendum decision to leave the European Union (EU), known as Brexit, on Friday.
Britain surprised markets after 52% of its citizens decided to leave the EU on Friday, despite polls that had shown the Remain camp with a slight lead.
“We urge the authorities in the U.K. and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the U.K. and the EU, including by clarifying the procedures and broad objectives that will guide the process,” Lagarde said in an official statement.
The IMF chief also noted the Fund’s strong support of commitments by the BoE and ECB to supply liquidity to the banking system in order to curtail excess financial volatility.
“We will continue to monitor developments closely and stand ready to support our members as needed,” she added.