The economy ministry said Friday
that Britain's exit from the European Union will have a limited
impact on the real Italian economy.
"The United Kingdom's exit from the European Union will
have limited effects on the real Italian economy," it said.
"The fundamental solidity of the companies will soon
prevail over the volatility of the financial markets".
The Italian banking system is solid too, it said.
"The fundamentals of the banking system remain solid," the
ministry said.
"In a climate of general volatility on the global level,
the authorities are following the situation with attention".
The ministry said it did not expect a massive rise in
Italy's borrowing costs following the vote.
"The State bonds market has been stabilized by the
European Central Bank's (quantitative easing) programme and the
government's adjustment of the public finances," it said.
Vincenzo Boccia, the president of Italian industrial
employers' confederation Confindustria, called for calm on
Friday after Britain voted to leave the EU.
"Confindustria says don't panic. It's clear that there will
be effects but the fundamentals of the EU are sound," Boccia
said.
"It's time to react".
But Intesa Sanpaolo Chief Economist Gregorio De Felice
warned Friday that Britain's exit from the European Union could
cause "a drop in exports of a maximum value of around three
billion euros" in the worst-case scenario.
De Felice said about 7% of Italy's exports, worth about 22
billion euros, went to the UK.
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