Brexit and the City

The impact of Brexit on the City of London is one of the most discussed topics of the process of leaving the EU.

While some EU27 members openly fight for banks to move to other EU financial centers, Germany’s Finance Minister Wolfgang Schaeuble told at a conference in Frankfurt that it is in the EU’s best interest that London remains a strong financial centre after the UK leaves the EU, reports Euronews. It would simply be not feasible to move all of the City’s operation abroad without causing huge instability.

Paris, however, has active support from the French government. In a recent visit to the UK, French Finance Minister Michel Sapin promoted Paris as the premium location to US banks after Brexit.

This will add extra pressure on Michel Barnier, EU’s chief negotiator for Brexit, to find one EU27 position.