ECB chief economist Praet talking to Der Spiegel 22 June

"In my opinion, the British have made a big mistake.The country has put itself in a very difficult situation. The damage is there, the British economic growth is already slowing down," Now it is only about minimizing the negative impact"

On Germany:

"The Germans complain because interest rates are so low. We understand that. But the Germans would have to take into account that the ECB had also protected them, the creditors, in the financial and euro crisis."

  • it is not the ECB's job to secure favourable financing conditions for certain countries

Praet does not rule out rising interest rates adding there is

"light at the end of the tunnel. Inflation will pick up eventually"

For the record Praet was born in Herchen, Germany to Belgian father and German mother. He was exec director at National Bank of Belgium from 2000-11

EURUSD a tad higher at 1.1172. EURGBP up to 0.8821 capping cable gains

ECB's Peter Praet - Brexit is a major mistake