Moscovici Says Brexit Won’t Push European Union Into Recession

The European Union has the tools necessary to prevent the bloc’s economy from sliding into a recession, EU Economic and Financial Affairs Commissioner Pierre Moscovici said.

“There is still uncertainty that has to be addressed, but we see no strong turmoil or crisis,” Moscovici said in an interview with Bloomberg Television on Monday. “It’s not a crash in the markets, so everybody can be reassured that the situation will be taken seriously and well handled.”