EU’s Moscovici warns against status quo to prevent other exits

The euro zone should accelerate its economic and political integration otherwise other countries may be tempted to follow Britain’s example and leave the EU, Economic Affairs Commissioner Pierre Moscovici said on Sunday.

“We shouldn’t just put up with Brexit, we should forge ahead, it can be a good opportunity,” Moscovici said, adding that the euro zone needed to complete its banking union by adding a deposit guarantee and financial backstops.

“If the status quo is our only response, it won’t be the only exit from the EU,” he added.