Europe

The Latest: France insists on speedy timeline for UK EU exit

  • A man stands outside a money exchange shop decorated with different countries bank notes in Hong Kong, Monday, June 27, 2016. Japanese and Chinese stocks rose Monday but other Asian markets declined, crude prices fell further and U.S. shares appeared headed for a lower opening as jittery traders watched for more fallout from Britain's vote to exit the European Union. (AP Photo/Vincent Yu)

    A man stands outside a money exchange shop decorated with different countries bank notes in Hong Kong, Monday, June 27, 2016. Japanese and Chinese stocks rose Monday but other Asian markets declined, crude prices fell further and U.S. shares appeared headed for a lower opening as jittery traders watched for more fallout from Britain's vote to exit the European Union. (AP Photo/Vincent Yu)  (The Associated Press)

  • U.S. Secretary of State John Kerry, left, meets with NATO Secretary General Jens Stoltenberg at NATO headquarters in Brussels on Monday, June 27, 2016. Kerry is on a one day trip to meet with NATO and EU officials. (AP Photo/Virginia Mayo, Pool)

    U.S. Secretary of State John Kerry, left, meets with NATO Secretary General Jens Stoltenberg at NATO headquarters in Brussels on Monday, June 27, 2016. Kerry is on a one day trip to meet with NATO and EU officials. (AP Photo/Virginia Mayo, Pool)  (The Associated Press)

  • Britain's Labour Party leader Jeremy Corbyn leaves his home in north London Monday June 27, 2016. Opposition leader Jeremy Corbyn is  facing upheaval within his Labour Party following the EU referendum vote, after half a dozen advisers quit his inner circle Monday, joining some 11 others who resigned over the weekend. Corbyn said he will not resign, and has appointed lawmakers loyal to him to fill the vacated posts. He insists he will run in any new leadership contest, and said he has the support of the party's grassroots. (Rick Findler/PA via AP) UNITED KINGDOM OUT

    Britain's Labour Party leader Jeremy Corbyn leaves his home in north London Monday June 27, 2016. Opposition leader Jeremy Corbyn is facing upheaval within his Labour Party following the EU referendum vote, after half a dozen advisers quit his inner circle Monday, joining some 11 others who resigned over the weekend. Corbyn said he will not resign, and has appointed lawmakers loyal to him to fill the vacated posts. He insists he will run in any new leadership contest, and said he has the support of the party's grassroots. (Rick Findler/PA via AP) UNITED KINGDOM OUT  (The Associated Press)

The Latest on Britain's historic vote to leave the European Union (all times local):

8:30 a.m.

The French finance minister is insisting that Britain pull itself out of the EU as soon as possible and is dismissing speculation that a British exit, or Brexit, may never actually come to pass.

Michel Sapin said on France-2 television Monday there is "no difference" between France and Germany on the timetable for a withdrawal, though French officials appear in a particular hurry to close this difficult chapter in post-war European unity.

"Should Britain go quickly? Yes. France, like Germany, thinks that Britain voted, Britain voted for Brexit, and the Brexit should be put in place starting now," Sapin said.

He said European authorities should not allow Britain to stay in an "indefinite, we'll see later" mindset but must force the British to accept the consequences of last week's historic vote.

The British exit is priority No. 1 as French President Francois Hollande and German Chancellor Angela Merkel meet later Monday in Berlin with EU President Donald Tusk and Italian Prime Minister Matteo Renzi, ahead of an EU-wide summit Tuesday and Wednesday.

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8:10 a.m.

British and European stock markets fell again on Monday amid the uncertainty over what the U.K.'s vote to leave the European Union might lead to.

The FTSE 100 benchmark in London was down about 1 percent at 6,090 while Germany's DAX was 0.5 percent lower at 9,509.

One of the reasons the FTSE 100 has not dropped more since Friday, when it closed only 3.2 percent lower, is that many of its listed companies earn money in foreign countries, and the pound's sharp drop will translate into higher profits when that money is brought back to the U.K. The pound's drop also makes those shares cheaper for investors outside Britain.

The pound continued to suffer the most losses in the markets, dropping another 1.6 percent against the dollar on Monday, to $1.3462. Since early Friday it has dropped to levels last seen in 1985.

Stockholm's stock exchange, which was closed for a holiday on Friday, when the vote's result caused heavy losses on global markets, dropped by 6 percent on Monday.

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7:30 a.m.

Treasury chief George Osborne has sought to calm nerves in the markets, as investors worry about the consequences of Britain leaving the European Union.

In his first public appearance since the vote to leave the bloc Thursday, Osborne tried to reassure markets shaken by the result, saying "our economy is about as strong as it could be to face this challenge."

Yet, he acknowledged it would not be plain sailing in the days ahead.

The pound fell in Asian markets amid fears of the consequences of the vote. Political turmoil has roiled the country, as the leaders grappled with the question of how precisely the country would separate Britain from the other 27 nations in the bloc.

Germany, Britain and France will be meeting to discuss the decision.