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Germany's central bank chief said British refund the 'hard' will make London lose heart

by:Deyuan      2020-12-23
Head of Germany's central bank said recently that if Britain was forced to leave the eu's single market, one of London's financial centre will be in jeopardy.

the bundesbank President JensWeidmann in the guardian newspaper said in an interview, if the British eventually had to implement the so-called & other; Hard to take off the throughout Europe &; , located in London, the bank will also lose free operations in 27 countries trade area.

in & other; Hard to take off the throughout Europe &; , Britain will work with the eu cannot reach agreement to membership into the single market.

Mr Weidmann told the guardian, if the UK did not even to keep the identity of the members of the European economic area, the financial services industry in the eu passport right will be automatically terminated.

the membership requirements countries follow their financial regulations, accept the eu residents move freely, and shall pay fees for the central budget. And these conditions must not be British domestic claim back the European sceptics.

the current European Union law allows the bank branches do not need to differentiate from the parent company of capital operating in the UK. Similarly, the United States and Asia, such as non-eu Banks can also use their branch in London customer sales and service of the eu. This makes the company around the world will be in London as a hub can be connected to the European Union, the position was able to secure a global financial centre of London.

and this advantage is likely to be in London ended as the back of the referendum in June. Britain lost & other; Pass & throughout; The possibility of other financial centres, make the eu, such as Dublin, Frankfurt and Paris or will take its place.

Mr Weidmann said: & other; Of course, some businesses will reconsider their headquarters to set up. As an important financial center, Frankfurt also has important regulators at the same time, this makes it more attractive. Frankfurt also welcome enterprises to join. But I expect that does not have a large number of companies from London to Frankfurt. ”
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