European Commissioner for Economic and Financial Affairs Pierre Moscovici presents the EU executive's economic forecasts during a news conference at the EU Commission headquarters in Brussels, Belgium February 7, 2019. REUTERS/Francois Lenoir

BERLIN (Reuters) - European Economic Commissioner Pierre Moscovici said on Monday that it was necessary for the European Union and all of its member states to be ready for all possible scenarios regarding Britain’s expected departure from the European Union.

“We must be prepared for all scenarios,” he said at an event hosted by the Social Democrats (SPD) in Berlin.