Parliamentary Assembly of the Council of Europe president Pedro Agramunt:

“Something of the European ideal has been lost today following the UK’s vote for Brexit. Today, the European flag is at half-mast, but sometimes it is necessary to take a step back before taking a step forward. Avenues for inter-parliamentary dialogue in Europe will need to find a new impetus and the Parliamentary Assembly of the Council of Europe, in which the United Kingdom remains a major player, will need to do more to realise European ideals and affirm our common European heritage.”

Martin Schulz, president of the European Parliament; Donald Tusk, president of the European Council; Mark Rutte, holder of the rotating presidency of the Council of the EU; and Jean-Claude Juncker, president of the European Commission:

“In a free and democratic process, the British people have expressed their wish to leave the EU. We regret this decision but respect it. This is an unprecedented situation but we are united in our response. We will stand strong and uphold the EU’s core values of promoting peace and the well-being of its peoples.

The Union of 27 member states will continue. The Union is the framework of our common political future. We are bound together by history, geography and common interests and will develop our cooperation on this basis. Together we will address our common challenges to generate growth, increase prosperity and ensure a safe and secure environment for our citizens. The institutions will play their full role in this endeavour.

“We now expect the UK government to give effect to this decision of the British people as soon as possible, however painful that process may be. Any delay would unnecessarily prolong uncertainty. We have rules to deal with this in an orderly way. Article 50 of the Treaty on European Union sets out the procedure to be followed if a member state decides to leave the EU.

“We stand ready to launch negotiations swiftly with the UK regarding the terms and conditions of its withdrawal from the EU. Until this process of negotiations is over, the UK remains a member of the EU, with all the rights and obligations that derive from this. According to the Treaties which the UK has ratified, EU law continues to apply to the full to and in the UK until it is no longer a member.

“As agreed, the ‘New Settlement for the United Kingdom within the European Union’, reached at the European Council on February 18 and 19, will now not take effect and ceases to exist. There will be no renegotiation.

“As regards the UK, we hope to have it as a close partner of the EU in the future. We expect the UK to formulate its proposals in this respect. Any agreement, which will be concluded with the UK as a third country will have to reflect the interests of both sides and be balanced in terms of rights and obligations.”

Business Europe president Emma Marcegaglia:

“This setback makes it only more important to make the necessary reforms in the EU.

“We call on EU member states to send a strong signal reconfirming their commitment to the EU and its three main economic pillars: the single market, the common trade policy and the euro. At the same time, we need to find smart solutions for an orderly Brexit process. Keeping a cool head is essential to minimise the adverse consequences of this vote. We must keep calm and carry on.

“All the big challenges facing us today (security, migration, climate change, economic and social development, etc) have an international dimension. Efficient solutions can only be found if we work together at European level. However, the debate has also sent out strong messages about the urgent need to deliver a European Union adding value.

Christine Lagarde, managing director of the International Monetary Fund:

“We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship, including by clarifying the procedures and broad objectives that will guide the process.

“We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility.”

70 economists and strategists polled by Reuters on Friday:

Sterling will fall further and there is a median 53 per cent chance of a British recession. Gross domestic product would flatline in the second half, they said.

OECD secretary-general Angel Gurría on UK referendum result:

“The vote on the UK’s membership of the EU has major consequences for the UK itself, the EU and the international community. While it is on the public record that this was not the OECD’s recommended course of action, the focus must now shift to dealing with the outcome of this democratic process.

“The OECD will spare no efforts in supporting the government of the UK to make the transition as smooth as possible and advance the country’s economic and social agenda. We will also help the EU and the international community best address the consequences of such a decision and chart the way forward.

“The OECD believes that openness, integration and diversity will make our economies and societies stronger and fairer. Thus, we will continue to support the European project while further reflecting on how to strengthen well-being and inclusiveness, both within our countries and globally.”

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