Obama says UK, EU will remain 'indispensable partners' of US

WASHINGTON, June 24 (KUNA) -- Despite Britain's exit from the EU, both will remain "indispensable partners" of the US, President Barack Obama said on Friday.
The relationship between the US and the UK is "enduring, and the United Kingdom's membership in NATO remains a vital cornerstone of US foreign, security, and economic policy," said Obama in a statement.
He added that "the EU has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond." Meanwhile, the Ministers from the G7 countries, which includes the UK, noted that it is "monitoring market developments" and affirmed the UK economy will "remain resilient." The group added that it is, "confident that the UK authorities are well-positioned to address the consequences of the referendum outcome," a statement said.
"We recognize that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability." Separately, Director of the International Monetary Fund (IMF) Christine Lagarde urged authorities in the UK and Europe to "work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including by clarifying the procedures and broad objectives that will guide the process." She added that the IMF, "strongly supports commitments of the Bank of England and the ECB (European Central Bank) to supply liquidity to the banking system and curtail excess financial volatility." (end) ak.ibi