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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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Central banks ready to ensure stability after Brexit vote

Agustín Carstens, who chaired the global economy meeting. Credit: Reuters

Central banks are ready to cooperate to support financial stability in the wake of Britain's vote to leave the EU, the Bank for International Settlements has said.

During a meeting in Switzerland on Saturday, central bankers discussed the implications of Brexit.

"Governors endorsed the contingency measures put in place by the Bank of England and emphasised the preparedness of central banks to support the proper functioning of financial markets," said Agustín Carstens, chairman of the global economy meeting.

"Central banks will carefully monitor market functioning and stability, and cooperate closely."

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