Brexit live: Germany’s Merkel says EU is strong enough to find “right answers” to referendum

11:40 a.m.

Scottish leader Nicola Sturgeon says a new Scottish referendum on independence is “highly likely” because of Britain’s vote to leave the European Union.

She said Friday legislation will be prepared for a possible new vote. Independence was defeated two years ago in a Scottish referendum.

Sturgeon said she would do everything possible to keep Scotland inside the EU. She said this means another referendum “has to be on the table.”

Britain’s decision to leave the EU represents a substantial, material change in Scotland’s relations and could justify another independence vote, she said.

The Scottish leader also praised British Prime Minister David Cameron, who has said he will resign when a new party leader is chosen before October.

____

11:35 a.m.

European Union leaders say that Britain will remain a member of the bloc until its exit negotiations are concluded, which probably means at least two years longer.

The leaders of the EU’s institutions said Friday that “until this process of negotiations is over, the United Kingdom remains a member of the European Union, with all the rights and obligations that derive from this.”

They said in a statement that under the bloc’s treaties “EU law continues to apply to the full to and in the United Kingdom until it is no longer a member.”

The statement was signed by European Council President Donald Tusk, European Commission President Jean-Claude Juncker, European Parliament President Martin Schulz and Dutch Prime Minister Mark Rutte, whose country currently holds the EU’s rotating presidency.

___

11:30 a.m.

French President Francois Hollande said he profoundly regrets the British vote to leave the European Union, but that the union must make changes in order to move forward. In a brief televised statement, Hollande said the vote will put Europe to the test, and he called for bolstering security and industrial policies.

He also called for reinforcement of the zone of countries that use the euro.

He said, “To move forward, Europe cannot act as before.”

___

11:25 a.m.

Boris Johnson says the vote to leave the European Union gives Britons a “glorious opportunity” to take control.

He said Friday there is no need for haste in negotiations.

He said the vote means Britain will be able to set its own taxes and control its own borders.

“It was a noble idea for its time; it is no longer right for this country,” Johnson said of the EU.

He praised Prime Minister David Cameron as an “extraordinary politician” and said he is “sad” to see Cameron resign.

The former London mayor did not say Thursday if he plans to contend for the Conservative Party leadership.

___

11:15 a.m.

European Union leaders are warning Britain to leave the EU quickly and avoid prolonging uncertainty.

The presidents of the EU’s main institutions said in a statement Friday that they expect London to act on the decision to leave “as soon as possible, however painful that process may be.”

The four — EU Council President Donald Tusk, Commission President Jean-Claude Juncker, Parliament President Martin Schulz and Dutch Prime Minister Mark Rutte — said that “any delay would unnecessarily prolong uncertainty.”

Prime Minister David Cameron has suggested that formal notification of Britain’s departure might not come before October.

___

11 a.m.

French far-right leader Marine Le Pen says pro-independence movements in the European Parliament will meet soon to plan their next move after the British vote to leave the European Union.

With a broad smile on her face, Le Pen said her National Front was the only political party in France to take the possibility of a British exit seriously, and she reiterated her call for a similar referendum in France, calling it “a democratic necessity.”

“The British people have given to Europeans and to all the people of the world a shining lesson in democracy,” Le Pen said.

Le Pen, who is a member of the European Parliament, is also positioning herself to run for president of France in elections next year.

___

11 a.m.

Slovak Prime Minister Robert Fico says the EU will have to react quickly to Britain’s decision to leave.

Fico, whose country is taking over the rotating EU presidency in July, says the bloc’s key policies have to change.

In a Friday statement Fico says: “Huge numbers of people in the EU reject the EU’s immigration policy, there’s big disappointment with the economic policy.”

Fico says the EU needs to be bold enough to say that those EU policies need “a fundamental change.”

Fico is a vocal critic of the EU’s approach to the migrant crisis, in particular to the plan to redistribute the refugees in member states.

He says that during the presidency, he is ready to provide room for informal debates on the bloc’s future.

___

10:55 a.m.

Poland’s foreign minister says that if the model of a political form of the European Union keeps being pushed, the common European project may end in “catastrophe.”

Witold Waszczykowski said Friday that European politicians should think more deeply about whether to continue pushing for a political form of the union.

“If there is a deeper reflection, a pause in the pushing of this French-German model, then the union will survive. But if the eurozone is forced, and the eurozone creates some new institutions, its own budget and treats the whole European Union as a facade, then it may all end in a catastrophe.”

He said other countries may now use referendums to “blackmail the EU to win a change in their status.”

___

10:50 a.m.

The leader of the ALDE liberals in the European Parliament says it is necessary for Britain to officially declare its intention to leave the European Union and not wait until October when Prime Minister David Cameron has said he will step down.

Guy Verhofstadt said he found it “unacceptable … that he is going to wait until October and let it to his successor.”

Despite the referendum result, Britain can choose the moment when it officially tells its European partners that it will leave, officially kicking off a process that could take two years or longer.

“It would be possible that in the whole of 2016 there is no notification of the British decision, what is against the will of the British citizens,” Verhofstadt said.

He warned that would only extend the market turbulence that started immediately after the results were known.

___

10:40 a.m.

NATO’s chief says the British vote to leave the European Union shouldn’t affect its status as a reliable and key member of the U.S.-led military alliance.

“As it defines the next chapter in its relationship with the EU, I know that the United Kingdom’s position in NATO will remain unchanged,” NATO Secretary-General Jens Stoltenberg said Friday in a statement. “The U.K. will remain a strong and committed NATO ally, and will continue to play its leading role in our alliance.”

British voters’ decision on Thursday to exit the 28-nation European Union sent shockwaves through Europe and around the world.

“Today, as we face more instability and uncertainty, NATO is more important than ever as a platform for cooperation among European allies, and between Europe and North America,” Stoltenberg said. “A strong, united and determined NATO remains an essential pillar of stability in a turbulent world, and a key contributor to international peace and security.”

___

10:35 a.m.

The European Central Bank says it is “closely monitoring financial markets” in the wake of the British vote to leave the European Union.

The chief monetary authority for the 19 countries that use the euro currency says that it “stands ready” to provide additional credit to financial institutions if they need it to do business.

It also said it was staying in close contact with other central banks.

Otherwise the ECB did not immediately announce any new measures. The bank already provides short-term cheap credit to banks in any amount at regular intervals, and has pumped more cash into the system through a bond purchase program aimed at raising inflation.

The British vote shook up financial markets around the globe on Monday, leading to sharp falls in stocks and the British pound.

___

10:30 a.m.

Switzerland’s central bank says it has intervened in currency markets after the Swiss franc came “under upward pressure” following Britain’s vote to leave the European Union.

The Swiss National Bank says in a brief statement Friday that it intervened in the foreign exchange market to “stabilize the situation” and will “remain active in that market.”

The British referendum vote to leave the European bloc has caused turmoil in financial markets, driving many stock markets lower and currency exchanges reeling.

Joe Rundle, head of trading at ETX Capital, said in a note that the SNB move was aimed to “keep a lid on the franc after a flight to safety following the Brexit vote.”

He said many central banks “could be forced into taking drastic action to stem outflows.”

___

10:15 a.m.

Germany’s vice chancellor says the Brexit vote is a “chance for a new beginning” but that Europe must not return to business as usual.

Sigmar Gabriel, also Germany’s Economy Minister, told Bild newspaper Friday “the exit of the United Kingdom is a shrill wakeup call for European politics. Whoever doesn’t listen or takes refuge in the usual rituals drives Europe into a wall.”

Gabriel says “we don’t need ‘more Europe,” but a ‘different Europe.'”

He says the message of the British voters is that politicians need to deal head-on with the problems facing the EU like high unemployment, the migrant crisis and social security issues.

He says the British “didn’t vote against Europe, but against the way it’s been configured up to now.”

___

10:10 a.m.

Spain’s acting Prime Minister Mariano Rajoy says his country has received Britain’s decision to leave the European Union with sadness, adding that “it ought to make all member nations rethink.”

Rajoy said he wished to transmit a message of “serenity and tranquility” to Spaniards and to businesses, markets and institutions, saying that now was not the moment to promote uncertainty despite the upset decision.

Madrid’s benchmark Ibex 35 index followed the slide of other markets and was down more than 10 percent in early morning trading Friday.

Rajoy also said he wanted to send a message of calm to Spanish citizens in Britain and Britons in Spain, stressing that during the estimated period of two years it will take Britain to fully leave the bloc, their rights would remain unchanged.

He reiterated Spain’s commitment to contribute toward greater EU economic and political unity, saying the bloc has provided the greatest period of peace, liberty and prosperity in the region ever.

___

10:10 a.m.

Poland’s Foreign Ministry says that Britain’s decision is a “warning signal” of disillusionment that urges the European Union to reform in order to forestall any future divisions.

In a statement Friday after Britain’s decision was officially announced, the ministry said that the “disillusionment with European integration and declining trust in the EU” can be seen in some other member nations, but they do not question the European project.

“It is imperative that we reform the EU by cutting red tape, increasing the democratic legitimacy of its decisions, and better adapting it to new challenges,” the ministry said.

Poland wants to help forge future EU relations with London that should be “pragmatic and beneficial to all sides” and declares Britain an “important partner” to Poland.

___

10:05 a.m.

Germany’s justice minister says that Britain’s exit from the European Union should be implemented quickly.

Heiko Maas said in a statement that “it is a black Friday for Europe.” He added that “we respect the decision by a narrow majority of Britons. The Brexit must now be implemented quickly.” He didn’t give a specific timeframe.

Maas said that “one thing is clear: we will fight for Europe.” He said that Europeans must stick together for their “ideas of peace, freedom and justice.”

Chancellor Angela Merkel was due to meet the leaders of the parties in the German Parliament and then make a statement on the referendum outcome at 12.30 p.m. (1030 GMT).

___

10 a.m.

Czech Prime Minister Bohuslav Sobotka says the British people’s decision to leave the EU “is not the end of the world and above all not the end of the European Union.”

Sobotka says Britain has decided to take “a different road than European integration. This decision is serious and irreversible.”

In a reaction on Facebook, the Czech leader said Friday the EU has to work to minimize the damage to EU and Czech citizens.

“The EU has to change. Not because Britain left, but because the European project needs much stronger support from citizens.”

“The EU is for us, the Czech Republic, the best possible guarantee of stability, peace and prosperity.”

Sobotka said Britain will become less important and will be struggling to keep Scotland in the U.K.

___

9:55 a.m.

Boos — and a few cheers — greeted former London Mayor Boris Johnson as he left his London home the morning after a historic vote to leave the European Union.

Johnson is one of the primary candidates to become prime minister after being the most prominent figure in the campaign to have the U.K. leave the single market

Dozens waited outside his north London home in anticipation that Johnson would speak. But he instead got into a cab to drive to Vote Leave headquarters.

___

9:50 a.m.

Hungary’s prime minister says the issue of immigration and how the British “can keep their island” determined the vote on Britain leaving the European Union.

Prime Minister Viktor Orban, who says the ideal number of migrants entering Hungary is “zero,” said Friday on state radio that the biggest lesson of the UK vote is that Brussels “must hear the voice of the people.”

Orban said that Hungary is in the EU because “we believe in a strong Europe, but Europe is strong only if it can give solutions which make it stronger … to significant problems like migration.”

Orban earlier this week bought a full-page ad in British newspaper The Daily Mail, saying that “Hungary is proud to stand with you as a member of the European Union.”

An estimated 300,000 Hungarians live in Britain.

___

9:45 a.m.

Romania’s president will meet with the prime minister and the governor of the central bank to discuss Britain’s decision to leave the European Union.

President Klaus Iohannis is expected to make a statement later Friday, followed by Prime Minister Dacian Ciolos.

There are officially some 150,000 Romanians living in Britain, although the real number is estimated to be double that.

Romanian leaders have said they favor Britain staying in the EU. Romanian joined the bloc in 2007.

___

9:40 a.m.

Scandinavian euroskeptic parties are rushing to suggest membership votes after British voters decided to leave the European Union.

In Sweden, which joined the European Union in 1995, the anti-immigrant Sweden Democrats wrote Friday on Twitter that “now we wait for (hashtag) swexit!”

The Swedish Left Party suggested Sweden renegotiate its deal with the bloc but leader Jonas Sjostedt cautioned he first wants “to know what Britain’s new relationship with the EU looks like.”

Kristian Thulesen Dahl, head of the Danish People’s Party, said a referendum would be “a good democratic custom” while Pernille Skipper of the left-wing Unity List, called it “the only consequence of the British results.”

Denmark has opted out of parts of EU treaties for fear of losing sovereignty.

Neither Sweden nor Denmark plans a referendum.

___

9:40 a.m.

Moldova’s prime minister calls Britain’s vote to leave the European Union “a sad day for Europe.”

However, Prime Minister Pavel Filip said that Moldova would remain committed to joining the EU.

“This is a sad day for Europe and for Britain’s European and international friends,” said Filip early Friday. “The European project needs now, more than ever, to be reaffirmed and trusted.”

“Moldova will remain attached to its EU road, despite the result in the UK, because we trust the European Union as a successful project”

Moldova, a country of 4 million located between Romania and Ukraine, signed an association agreement with the EU in 2014, angering Russia.

____

9:35 a.m.

Bank of Japan Gov. Haruhiko Kuroda says the central bank will work to maintain financial stability following the British vote.

“The Bank of Japan, in close cooperation with relevant domestic and foreign authorities, will continue to carefully monitor how the result would affect global financial markets,” he said in a statement.

“The Bank will stand ready to provide sufficient liquidity, including utilizing the swap arrangements among the six central banks, and thereby ensure the stability of financial markets.”

___

9:30 a.m.

The leaders of some of Britain’s largest banks have issued statements to their customers underscoring that they will work tirelessly on their behalf in the unsettled times ahead following Britain’s decision to leave the European Union.

HSBC chair Douglas Flint says the country is entering a new era and that settling new trade deals with be complex and time-consuming.

But Flint says that “as one of the largest, most stable, liquid and prudent financial institutions in the world, HSBC is well-placed to support our customers and the markets as they deal with the challenges that will arise.”

The CEO of Barclays, Jes Staley, said many questions will be asked in the coming days about what happens next.

“We have stood in service of our customers and clients for over 325 years. We have been here for them through equally profound changes before,” Staley said.

___

9:30 a.m.

Danish Prime Minister Lars Loekke Rasmussen says “Denmark belongs to the European Union” and the Scandinavian country has “no plans to hold a referendum on this basic matter.”

Loekke Rasmussen says being member of the 28-member bloc is “Denmark’s best opportunity to influence the world.”

He said Friday referendums across the EU “must be food for thought,” adding it shows a euroskepticism “that we as decision-makers must take very seriously.”

In Norway, which is not an EU member, Prime Minister Erna Solberg told Norwegian broadcaster NRK she was confident that the EU would “find solutions to this.”

Sweden’s Prime Minister Stefan Lofven said the bloc now faces “great challenges” when it comes to economy, migration, climate and security

___

9:25 a.m.

British Prime Minister David Cameron’s decision to resign after losing the referendum vote will set off an intense Conservative Party leadership battle.

Cameron said Friday a new prime minister should be in place by the party conference in October.

Among the likely contenders are former London Mayor Boris Johnson and Justice Secretary Michael Gove, who both helped lead the “leave” campaign.

Other Cabinet members are likely to contend as well.

___

9:15 a.m.

Poland’s foreign minister says Britain’s deciding to leave the European Union is “bad news” for Europe and for the many Poles — estimated at about 850,000 — who now live in Britain.

Witold Waszczykowski was speaking Friday before the official results of the British vote on EU membership were announced.

He says “I can only give a sigh: so it’s done. This is bad news for Europe, bad news for Poland. … The status of Poles living there will not change for now, but we don’t really know how much Britain’s status will be changed.”

He said negotiations on Britain’s new ties with the EU can take between two and 15 years but others have urged the Brexit talks be held quickly.

___

9:05 a.m.

European Parliament President Martin Schulz says the EU assembly will hold an emergency session next week following the U.K.’s decision to leave the bloc.

Schulz told reporters that the parliament would meet on Tuesday morning, ahead of a summit of EU leaders in Brussels where the Brexit vote will top the agenda.

He said the assembly must examine what steps to take next as Britain negotiates its departure, especially in light of British Prime Minister David Cameron’s decision to leave office in October.

___

9:05 a.m.

Dutch Prime Minister Mark Rutte is calling for a balanced disentanglement between the EU and Britain and said he did not see much interest in having a Dutch national referendum on EU membership as advocated by populist right-wing politician Geert Wilders.

Rutte said it was “important now, also in the interest of the Netherlands, is that we try to find a solution step-by-step and in a stable manner.” He then headed off to Brussels to speak with top EU officials on the British referendum results.

Rutte dismissed Wilders’ call for a Dutch vote on the EU, saying “I don’t think the Dutch are currently interested in having a referendum on that.”

The prime minister says the Dutch understand that “cooperation with other countries in a common market … is vital for our country.”

___

9 a.m.

Bank of England Gov. Mark Carney says the institution is prepared to deal with the market volatility that is under way following the Britain’s decision to leave the European Union.

Carney says the bank has “engaged in extensive contingency planning” and he is in close contact with Treasury chief George Osborne.

Carney says that capital requirements for Britian’s largest banks are 10 times higher than before the start of the 2008 financial crisis.

He says the Bank of England has stress tested the banks “against scenarios more severe than the country currently faces.” Carney says UK banks have raised over 130 billion pounds of capital.

___

8:55 a.m.

Tim Farron, the leader of the Liberal Democrats and a staunch backer of Britain remaining in the EU “was utterly gutted and heartbroken” by the outcome of the referendum.

“I accept the result but by golly I don’t agree with it,” he told the BBC on Friday.

Farron blamed the outcome on both Conservative Prime Minister David Cameron, for having “cheaply derided the European Union for a quick headline,” and Labour leader Jeremy Corbyn, for “his abject failure to take this seriously.”

Farron noted that most young voters voted to remain. He says “what a tragedy that other voters have chosen to damage their future.”

___

8:50 a.m.

The president of an influential German economic think tank says Britain’s decision to leave the European Union is a “defeat of reason” and that leaders must keep the UK as integrated as possible in European markets.

Ifo Institute President Clemens Fuest says “politicians must now do everything possible to limit the economic damage.”

He is pushing for quick action, saying that “it’s important to bring about a conclusion of the negotiations as quickly as possible so that the phase of uncertainty over future economic relations is as short as possible.”

___

8:50 a.m.

Switzerland, which is not in the European Union, has set up a helpline for its citizens with questions over the British exit.

The Swiss government on Friday assured its citizens that despite the vote, “currently applicable rules for Swiss citizens and businesses remain valid for the time being.”

But the government says it was adding additional staff to help field questions from its citizens. It says it plans to keep the hotline up around the clock, seven-days a week as needed.

___

8:40 p.m.

European Parliament President Martin Schulz says Britain’s exit from the EU must be done quickly.

Schulz tweeted Friday that the “will of voters must be respected. Now need speedy and clear exit negotiation.”

He says the U.K.’s relationship with the EU had been ambiguous but that “now it’s clear.”

Britain has up to two years to negotiate an exit, but EU officials have been insisting on quick and potentially tough negotiations to discourage the 27 other countries in the bloc from wanting to leave.

___

8:40 a.m.

The heads of the European Greens party say the European Union needs a reset with the vote to leave in Britain showing that the EU is more divided than ever.

Joint chairs Monica Frassoni and Reinhard Buetikofer say Friday that “Europe is more divided and less colorful” and that “we cannot go on with business as usual.”

They said: “We need to ‘reset’ the EU and together make it able to deliver credible solutions, notably to those facing a persistent economic uncertainty and a growing sense of insecurity.”

___

8:35 a.m.

Germany’s Foreign Ministry says it will host a meeting of the top diplomats from the original six founding nations of the European Union.

In a statement Friday, the ministry said the foreign ministers of Germany, France, Netherlands, Italy, Belgium and Luxembourg would meet Saturday in Berlin.

The ministry says the meeting is part of a long “tradition of talks between the six European founder nations” and that they will discuss “current European political topics.

___

8:30 a.m.

Germany’s foreign minister says Britain’s decision to leave the European Union is “truly sobering” news.

Foreign Minister Frank-Walter Steinmeier says Friday that “it looks like a sad day for Europe and for the United Kingdom.”

German officials have repeatedly said that they wanted Britain to remain in the EU.

___

8:25 a.m.

Prime Minister David Cameron says he will resign by the fall and insists the British people’s will must be respected after voters chose to leave the 28-nation European Union.

Cameron says there can be no doubt about the result of Thursday’s historic vote but that he is not the “captain” that will steer the ship through difficult negotiations with the EU.

He says he will resign by the time of the Conservative party conference in the fall.

British stocks are plunging as the market opens as investors scramble to react to the news. The pound has hit a 31-year low.