Ireland Faces Brexit and Virus Double Whammy, Warns Central Bank Chief

Ireland will be the eurozone’s biggest loser from a no-deal Brexit, which threatens to cause an economic “double whammy” on top of the fallout from rising coronavirus infections, the Irish central bank’s governor has warned, the Financial Times reported. Gabriel Makhlouf told the Financial Times that if the UK left the EU without a trade deal at the end of this year, the new tariffs on goods would hit Ireland’s agricultural and food sectors hardest, knocking 2 percentage points off the country’s economic growth next year.  “This whole process is lose-lose,” said Mr Makhlouf. “People talk about who will be the winners from this, but I would argue that in the short term there will be no winners.” However, in the longer term he predicted London’s dominant position in Europe’s financial services sector was likely to shift slowly to Dublin, Frankfurt, Paris or Amsterdam. Read more

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