Draghi said to see Brexit vote cutting Eurozone GDP by as much as 0.5 pp

Draghi scoop from Bloomberg

Bloomberg obtained Draghi comments from an EU Summit document.

• Sees GDP reduction for at least 3 years
• Concerned Brexit will lead to competitive devaluations
• It's time to address bank vulnerabilities
• 'We cannot afford not to' fix bank vulnerabilities
• Brexit recession would affect FX markets

European GDP doesn't have much room to spare. Growth is seen at 1.6% this year, according to economists polled by BBG.