September 13, 2018 / 7:24 PM / in 7 months

Vital EU-UK agree Brexit trade deal, stakes are very large -Eurogroup president

FILE PHOTO: Eurogroup President Mario Centeno arrives for the Informal meeting of economic and financial affairs ministers (ECOFIN) in Sofia, Bulgaria, April 27, 2018. REUTERS/Stoyan Nenov

LONDON (Reuters) - Britain and the European Union must agree a Brexit trade deal because the risks to the economy and the financial sector in particular without one are very large, the head of the euro zone finance ministers group said on Thursday.

Mario Centeno, the Eurogroup president, said he believed there were “conditions” in place to secure a deal.

“The stakes are very large, especially in the financial sector,” he told an audience at the London School of Economics.

“We need to all be round the table, especially the UK, to make it very clear on the risks that our economies may face.”

Centeno also said the euro zone had the “firepower” to stop a debt crisis in any member state from spreading into a broader contagion.

Reporting by Virginia Furness and Tommy Wilkes

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