Effects of Brexit limited - ministry (3)

(ANSA) - Rome, June 24 - 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.