University of North Texas economist Michael Carroll, director of UNT's Economics Research Group, is available to discuss how Great Britain's exit from the European Union, decided by British citizen in a historic referendum, will impact global stock markets. Carroll may be reached by cell phone at 419-308-9580.

Carroll notes that stocks traded up yesterday after polls showed that a slight majority of British citizens favored the "no-exit." He explains today's stock market decline is "a reversal of the increase."

"Markets don't like uncertainty, and that is exactly what Europe is facing," he says. "The Bank of England is ready to provide an extra £250bn of support, and the Federal Reserve will not increase interest rates."

He adds the devaluation of the pound and the Euro after yesterday's vote will result in the U.S. dollar gaining even more strength in Europe.

Carroll says the long-term impact of Britain's exit on global markets is "difficult to say at this stage," but adds the European economy may face more instability if some of the 27 other nations in the European Union follow Britain's lead and leave in the near future.

"Stability in the European economy is necessary in a global economy that has been stagnant in the post-recession era. Also, it may reinvigorate the discussion of Scotland's secession which would fragment the UK even more," Carroll says. "The biggest challenge will be for the UK to renegotiate their trade deals with the other EU members. It isn't clear how much access the UK will still have to the EU market. Small to mid-sized British manufacturers and food producers could suffer as a result of trade barriers and reduced trade volumes."