THE BURNED OVER DISTRICT

But German Chancellor Angela Merkel is in no hurry to effect to separation. For her, getting it done right is more important than getting it done fast. Others may seek to advance their own schedule.

German Chancellor Angela Merkel sought on Saturday to temper pressure from Paris, Brussels and her own government to force Britain into negotiating a quick divorce from the EU, despite warnings that hesitation will let populism take hold.

Eurosceptics in other member states applauded Britons' decision to leave the European Union in a referendum that sent shockwaves around the world, with far-right demands for a similar vote in Slovakia underlining the risk of a domino effect.

With the referendum decision finally made on Thursday and Prime Minister David Cameron having announced his resignation, European politicians and institutions felt free to shower demands on Britain over its future outside the world's largest trading bloc.

The European Central Bank said Britain's financial industry, which employs 2.2 million people, would lose the right to serve clients in the EU unless the country signed up to its single market - anathema to "leave" campaigners who are set to lead the next government in London.

Almost alone in continental Europe, Merkel tried to slow the rush to get Britain out of the EU door. Europe's most powerful leader made clear she would not press Cameron after he indicated Britain would not seek formal exit negotiations until October at least.

"Quite honestly, it should not take ages, that is true, but I would not fight now for a short time frame," Merkel told a news conference.

"The negotiations must take place in a businesslike, good climate," she said. "Britain will remain a close partner, with which we are linked economically."

Britain's decision to leave the EU is the biggest blow since World War Two to the European project of forging greater unity. But Merkel appeared more conciliatory than others within her coalition government and elsewhere in Europe.

Britain's financial strength and its own currency should cushion the financial impact that will come from severing the close financial ties members of the EU enjoy.

Villeroy delivered a warning over the City of London financial center which handles trillions of euros of business even though it lies outside the ECB's jurisdiction.

That was at risk, including the "passport" arrangement under Europe's single market rules which allow London banks to do business with clients in the euro zone, even though Britain never joined the common currency.

"If tomorrow Britain is not part of the single market, the City cannot keep this European passport, and clearing houses cannot be located in London either," he told France Inter radio. The only way around this was for Britain to follow Norway, which lies outside the EU but has joined the single market.

This means signing up to the rules, including the free movement of workers - likely to be opposed in Britain where the "leave" camp promised to control immigration from the EU.

Much will be written about what will happen next but until the necessary agreements are finalized, everybody is just talking.