How India and the world reacted to UK Referendum results

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Britain’s decision to leave the EU has set the cat among the pigeons as many more European sceptic countries within Europe are now contemplating the similar move.

Top among them would be France and Holland, where the far right groups have gained considerable ground in the recent times.

Analysts feel that Britain’s departure will mark the beginning of the end of the European bloc.

Here’s how leaders from around the world reacted;

Union Finance Minister, Arun Jaitley:

“We have just seen the final vote of the people of the United Kingdom in the referendum on whether to remain or leave the European Union. We respect the referendum’s verdict. At the same time, we are also aware of its significance in the days ahead and also for the medium term.

As I have often said, in this globalized world, volatility and uncertainty are the new norms. This verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and the rest of the world are still uncertain. All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendum’s medium term impacts.

As regards, the Indian economy, we are well prepared to deal with the short and medium term consequences of Brexit. We are strongly committed to our macro-economic framework with its focus on maintaining stability. Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position.

As investors look around the world for safe havens in these turbulent times, India stands out both in terms of stability and of growth. India, as you are all well aware, is amongst the fastest growing major economies in the world today. Our growth and inflation prospects are further improving in the wake of the good monsoons that are now moving well across India.

The government and the Reserve Bank of India as well as other regulators are well prepared, and working closely together, to deal with any short term volatility. Our aim will be to smooth this volatility and minimize its impact on the economy in the short term. At the same time, for the medium term, we will steadfastly pursue our ambitious reform agenda—including early passage of the GST—that will help us realize our medium term growth potential of 8-9% and help achieve our objective of development for all.”

Donald Tusk, President of the European Council
“This is not a moment for hysterical reactions. Today on behalf of the 27 leaders I can say that we are determined to keep our unity as 27. Until the UK formally leaves the EU, EU law will continue to apply to and within the UK, and by this I mean rights, as well as obligations. The past years have been the most difficult ones in the history of our union, but my father used to tell me: what doesn’t kill you makes you stronger.”

Marine Le Pen, leader of the far-right Front National in France

“Victory for freedom! As I have been asking for years, now we need to have the same referendum in France and in the countries of the EU.”

Donald Trump, US Republican Party presumptive nominee
The presidential hopeful is visiting a golf resort he owns in Scotland today. He said that it was a “great thing” that the people of the UK have “taken back their country.”

Martin Schulz, President of the European Parliament
“Now is the time for us to behave seriously and responsibly. David Cameron has his responsibilities for his country, we have our responsibilities for the future of the EU. You can see what is happening to sterling on the markets. I don’t want the same thing to happen to the euro.”

Geert Wilders, Dutch Freedom Party leader
“Hurrah for the British! Now it is our turn. Time for a Dutch referendum!”

Frank-Walter Steinmeier, German Foreign Minister

“The early morning news from Great Britain is truly sobering. It looks like a sad day for Europe and Britain.”

(With inputs from BBC)

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