U.S. President Barack Obama
Image by: JOSHUA ROBERTS / REUTERS
Image by: JOSHUA ROBERTS / REUTERS
US president Barack Obama warned against "hysteria" yesterday following last week's vote for Britain to leave the EU.
Obama said the vote meant "a pause button has been pressed" on full European integration.
"I would not overstate it," he added in a radio interview.
"There's been a little bit of hysteria, as if somehow Nato's gone, the transatlantic alliance is dissolving, and every country is rushing off to its own corner. That's not what's happening."
Obama said the result was a reaction to a rapidly growing EU that was "probably moving faster and without as much consensus as it should have".
"I think this will be a moment when all of Europe says: 'Let's take a breath and let's figure out how do we maintain some of our national identities. How do we preserve the benefits of integration and how do we deal with some of the frustrations that our own voters are feeling?'"
Echoing the US leader's tone in downplaying the implications of Brexit, British Prime Minister David Cameron said he wanted "the closest possible" EU relations in future.
Arriving at a Brussels summit, Cameron, who is to step down within weeks, told reporters he would seek a close relationship in "trade and security".
But German Chancellor Angela Merkel told Britain it would not be able to "cherry pick" the parts of the EU it wanted, such as the bloc's single market, without accepting principles like free movement when it negotiates its exit .
She said London would not get special treatment.
"Whoever wants to leave this family can't expect to do away with all of its responsibilities while keeping the privileges," Merkel added in Germany's parliament.
"That applies to Great Britain as well as everyone else," she said.
Freedom of movement of people is one of the basic principles of the EU, but "leave" campaigners in Britain drew much support for rejecting the European bloc's immigration rules.
Striking a very different note, Nigel Farage, leader of the anti-EU UK Independence Party, told a jeering European parliament - where he is an elected member - that he had the last laugh.
"Isn't it funny. When I came here 17 years ago and I said I wanted to lead a campaign to get Britain to leave the EU, you all laughed at me but you are not laughing now," Farage told the MEPs.
The Ukip leader said the E U was "in denial" about its failings and wrong-headed ambitions for a united Europe .
Markets around the world recovered slightly after two days of Brexit turmoil.
In London, both the FTSE100 and FTSE250 indices gained more than 2%, while the pound recovered a few pence against the dollar.
The JSE staged a strong comeback, the all share index up 1.67% at 50922.30 points in afternoon trade, recouping some of the about 6% lost since Friday.
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