LONDON - The European Union needs a “masterplan” to move euro financial services from London to the bloc if it wants to expand the single currency’s role in a global economy dominated by the U.S. dollar, a senior EU lawmaker said on Monday.
“We need a clear step-by-step masterplan that helps key financial sector businesses move from the United Kingdom to the European Union,” Ferber said. “The withdrawal of the United Kingdom from the EU strengthens the need to further deepen the Union’s capital markets.” Euro-denominated trade in debt securities, commodities and other instruments should also be encouraged, the paper said.
The Commission, ECB and the bloc’s banking and markets watchdogs will work with industry to assess “possible technical issues” related to shifting derivatives positions from London to the EU, the paper said.
The plan is Boris Johnson and the conservative government. They are doing their best to kill us all and drive the country into bankruptcy and for some reason people keep on electing them. No one needs to do a thing its already been done.
*whomp-whomp
Londen is going to be irrelevant for the world. Frankfurt, Dublin, Amsterdam or Paris will be the new financial centre.
Good luck with that then.
They can’t even clear their own currency ffs.
lol lol lol with the wirecard debacle ? lol will be a while yet.
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