The Helsinki Stock Exchange recorded a steep decline on Monday, as the British exit from the European Union (EU) triggered a stocks crash worldwide.

Stocks of Nordic banking giant Nordea plummeted by 7.7 percent Monday morning and Nokia 7.2 percent. The largest decline hit steel producer Outokumpu with an 11 percent drop. Metsa Board also experienced a 9.3 percent decline.

Finnish economist Sixten Korkman told national broadcaster Yle that the decline in the stock market would be a passing phenomenon except for banking stocks. Korkman said that the banking sector has problems further afield in all of Europe and not just in Britain.

Brexit accentuates the critical situation of those banks that do not have enough capital, he said. However, Korkman dismissed the view that the era of the global financial and debt crisis and major panic would be returning. "Brexit is milder," he said.

Bjorn Wahlroos, the chairman of Nordea, told newspaper Helsingin Sanomat that the economic repercussions of Brexit are likely to be small if Britain remains within the European Economic Area and will have trade agreements comparable to the present situation. "Free trade is in the interest of all countries," he said. Endit

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