London-Brussels relations in financial markets are stabilizing, the EU commissioner thinks

European Union
European Union

The European Union and the United Kingdom are set to clarify financial sector relations in March. The basic rules for cooperation are to be mutually agreed. EU Financial Services Commissioner Mairead McGuinness said on Thursday.

The British financial sector suffered a huge loss from Brexit. It has been practically cut off from day to day from its largest foreign partner, investors from the continental part of the European Union. The City of London thus lost a market with a daily turnover of around eight billion euros. The focus of European financial transactions has shifted to Amsterdam and Paris.

According to McGuinness, Brexit caused a huge change in the regime, although there has been no significant turbulence in the London market so far. The first step towards stabilizing relations is to agree on a memorandum on common action in the development of new rules. “We believe we will be able to take this step by the end of March,” said Mairead McGuinness. The European Commissioner has expressed the hope that this will be a similar way of setting up relations between the European Union and the United States.

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