Brexit will not pose a major threat to the euro area economy, according to the European Central Bank, which rejected warnings from the Bank of England that a messy UK withdrawal could leave EU companies without vital services.

According to Vitor Constâncio, the ECB’s vice-president, Brexit could “really not harm significantly the ongoing recovery in the euro area” and that financial firms were already adapting by relocating activities to Europe.

“The point is that of course Brexit is very ...