South Korea’s top financial regulator said Monday that Britain’s decision to exit the European Union(EU) will unlikely develop into a global financial crisis. 

Presiding over an emergency meeting with South Korean financial and economic authorities, Financial Services Commission(FSC) Chairman Yim Jong-yong said the impact of Brexit on the global economy will show an indirect and gradual trend, stressing that it will take at least two years before Britain can untangle itself from the EU. 

Yim said Brexit is different in nature from the Lehman Brothers’ filing for bankruptcy in 2008 and the downgrading of the U.S. credit rate in 2011, attributing the two latter cases to the inherent flaws of the financial system.

Yim said the impacts of the Brexit decision will also be manifested differently in other economies in proportion to their exposures to the U.K. and the EU. 

However, Yim noted that South Korea still needs to monitor situations closely, saying the financial market at home and abroad can fluctuate over minor issues.