A European Central Bank official says Britain's exit from the European Union's single market would hurt the bloc's eurozone economies less than initially expected, and that Britain stands to suffer most.

Yannis Stournaras, who is also governor of the Bank of Greece, told The Associated Press on Friday that while Britain's decision to leave the EU is not pleasant and the negotiations will not be easy, "it seems that the effect on the euro economy will be much less than initially anticipated."

Stournaras said he believes "the greatest cost will fall on the U.K. economy."

Britain voted in June to leave the European Union, and British Prime Minister Theresa May suggested the country could be heading for a definitive break from the EU's single market.