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Issing says Brexit will be difficult for UK trade

Otmar Issing and CNBC's Rick Santelli discussed the future of the European Union and the consequences of Brexit.

"For a substantial time to come, we have to live in the situation [where] the euro is to survive without a political union," Issing said. "It's going to be a very difficult time for the U.K. itself to manage the Brexit, to guarantee the free movement of trade."

Issing is a former ECB member and president of the Center for Financial Studies.

This interview is an exclusive for CNBC PRO subscribers.