ROME (Reuters) – A no-deal Brexit could have serious consequences for the European economy even if the direct impact on international trade may prove limited for the European Union as a whole, Bank of Italy governor Ignazio Visco said on Saturday.

In a speech delivered in Rome, Visco, who sits on the European Central Bank governing council, also said that “any financial markets malfunctions could have major repercussions for all the countries involved and this issue is currently being looked at very closely”.