U.S. Treasury Secretary Jacob Lew says the decision of British voters to leave the European Union is “an additional headwind” for the U.S. and global economies but “there is no sense of a financial crisis developing.”
The Associated Press reports that Lew, in a CNBC interview today, says, “I am not saying there will not be an impact on markets, but it has been an orderly impact so far.”
Lew says it would be important for economic policymakers to signal that they are prepared to use the tools they have to promote economic growth and “not overreact to a volatile day here and there.”
Signaling concerns that countries might try to intervene in currency markets for trade advantages, Lew says, “We have made it clear that unilateral actions to intervene would be destabilizing.”
In a later appearance in Washington, Lew says the Obama administration would work closely with officials in London and Brussels, the headquarters of the European Union, as well as with other major international partners to “ensure continued economic stability, security and prosperity in Europe and globally.”
Lew says he has been in regular contact with finance ministers from other countries as well as financial market participants around the world and “we will continue to consult closely in the days, weeks and months ahead.”
