ECB's Lane: Effect of Brexit on UK economy will be measurable and negative, but not transformational

ECB Governing Council member and Central Bank of Ireland's Governor Philip Lane was on the wires, via Reuters, stating that scale of economic linkages between Britain and Ireland are going to be "very strong" after Brexit.

More headlines (via Reuters):

• Brexit could lead to a fragmented but integrated financial system for Europe, with multiple centres
• Says will not be a new London for the EU after Brexit
• Some kind of Brexit transition deal will be required to preserve financial stability
• Effect of Brexit on UK economy will be measurable and negative, but not transformational