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Merkel: We must stop other countries fleeing the EU

German Chancellor Angela Merkel has said action must be taken to prevent other EU countries from fleeing the EU.

Speaking at a CDU party executive board meeting, Ms Merkel said the financial markets are very concerned that the EU is no longer governable.

She added that all 27 remaining EU countries must consult together on the way forward following Britain's vote to leave the bloc.

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European leaders warn loss of Britain will harm EU

There have been calls among European leaders for the European Union to reform as they continued to react with sadness to Britain's exit.

Italian Prime Minister Matteo Renzi tweeted: "We have to change (the EU) to make it more human and more just, but Europe is our home, it's our future."

Estonian Prime Minister Taavi Roivas said Europe must "work hard" to protect the EU's unity. He said Britain's departure was a "great loss".

Italy's Prime Minister Matteo Renzi said the EU must become 'more human' in the aftermath of Britain's exit. Credit: Reuters

Austrian Chancellor Christian Kern warned Britain's exit would harm the other nations, but said he doubted it would trigger a series of referendums among other EU members.

"I do not fear a domino effect," he said. "Europe will lose status and significance in the world because of Britain's step. The long-term economic effects will also be felt for some time."

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