The U.K.'s Brexit vote has not triggered a "Lehman moment" in financial markets, despite the sharp sell-off, the vice-president of the European Central Bank (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.
"The reaction to Lehman, as you may recall, was that several markets froze … (with a) big impact all over the world. 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. So the reactions of markets so far do not justify the comparison," the Portuguese economist and politician later added.