ECB president, Mario Draghi, said this week that the eurozone economy has been resilient to global and political uncertainty, particularly to the Brexit vote, but that risks to the economic outlook remain. He said that the recovery in the eurozone is expected to continue at a moderate and steady pace, but slower than envisaged in June due to a lower foreign demand outlook. On Brexit, Mr Draghi said that any initial impact of the outcome of the UK referendum had been contained and the strong financial market reactions, such as equity price falls, have been largely reversed. However, he warned that the effects on the economic outlook "depend on the timing, development and final outcome of the upcoming negotiations".