Brexit vote fallout was not ‘Lehman moment,’ says ECB vice-president

Lehman Brothers paperweight

The U.K.'s Brexit vote has not triggered a "Lehman moment" in financial markets, the vice-president of the ECB told CNBC on Tuesday.

Vítor Constancio denied comparisons between the U.K.'s vote to leave the European Union (EU) and the 2008 collapse of Lehman Brothers that triggered the global financial crisis.

"I think indeed the comparison does not apply because the reaction to Lehman as you may recall was that several markets froze … That was not the case this time," he said.

"The second (point) is that the negative effect on prices in markets was more extended in the case of Lehman that indeed triggered a major international crisis," the Portuguese economist and politician later added.

Constancio spoke to CNBC on Tuesday from the Portuguese resort town of Sintra, where last week's vote by the U.K. public to quit the European Union (EU) has disrupted the ECB's usually relaxed annual forum. A panel with Bank of England Governor Mark Carney and U.S. Federal Reserve Chair Janet Yellen was canceled so ECB President Mario Draghi could attend a meeting of EU leaders in Brussels, according to media reports.

European and U.S. stocks pared some losses on Tuesday after the U.K.'s vote to leave the EU caused market turmoil on Friday and Monday.

Draghi expressed disappointment on Monday regarding the Brexit vote, in which a narrow margin of 51.9 percent of U.K. voters opted for leave.

"Sadness is the best word for what we feel when we witness changes of this magnitude," he said, according to Reuters.

In the forum's introductory speech on Tuesday, Draghi said central banks around the world should coordinate policy to combat shared challenges and should work to prevent policy spillovers.

"The international dimension of monetary policy is becoming more pertinent, since the common factors affecting central banks are increasing," Draghi said at the forum.

"Operating against persistent headwinds arising from abroad has forced central banks to deploy monetary policy with more intensity to deliver their mandates and that in turn results in higher financial stability risks and spillovers to economic and financial conditions in other jurisdictions," he later added.

His words came as analysts ponder whether the Bank of England, the ECB and other major central banks may respond to the market uncertainty by loosening monetary policy in coming months.

"An extension of the ECB's asset-purchase program to at least September 2017 would seem most likely as a next step," Chris Scicluna, head of economic research at Daiwa Capital Markets in London, said in a note on Monday.

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