German foreign minister urges EU not to 'go looking for revenge' on UK

The European Union's 27 other members states “won't let anyone take Europe” from them, Germany's Foreign Minister has said, while urging the EU not to seek "revenge" after Britain's vote to leave.

Frank-Walter Steinmeier met the foreign ministers of France, Italy, Belgium, the Netherlands and Luxembourg at a meeting of the six founder members of the EU in Berlin on Saturday.

"I am confident that these countries can also send a message that we won't let anyone take Europe from us," he said.

EU politicians must listen "to the expectations of the European governments but also to the expectations of the people", he said, adding that "it's totally clear that in times like these one should neither be hysterical nor fall into paralysis".

Mr Steinmeier told the ZDF television station earlier that the negotiation of Brexit would require hard work, but he added European leaders were prepared to tackle issues raised by the UK referendum, such as high rates of youth unemployment.

He advised the EU bloc to focus on building consensus in areas such as security, migration and economic growth.

"We have to accept the decision that was made, and not go looking for revenge.”

Mr Steinmeier said political parties in some EU member states would likely push for similar popular votes, but he knew of no specific country that was seriously considering leaving the bloc.

He said a majority of Germans supported continued membership in the EU.

Manfred Weber, a representative for Angela Merkel's political party in the European parliament, said it was imperative to start negotiations with Britain soon about its departure, to ensure stability and avoid uncertainties.

Mr Weber told Muencher Merkur: "We want to negotiate a new relationship, not a nasty divorce. My goal would be to wrap up the exit negotiations within about a year."

The pound sterling suffered its biggest plunge in 30 years following Brexit, from $1.50 against the US dollar to just $1.33. France’s CAC fekk by 8 per cent and Wall Street suffered its biggest one-day fall in 10 months.

The Bank of England, the European Central Bank and the Federal Reserve promised to inject the market with new liquidity if necessary, in order to prevent the Brexit turning into a new financial crisis.