By AMLi Correspondents
THE EU is now likely to have several financial capitals – specialising in different sectors – once London is fully outside the bloc, Europe’s financial services commissioner said today.
The Union must also now decide how reliant it wants to be on London as a major financial centre, the European Commission for financial services Mairead McGuinness said.
She pointed out that Britain is now a “third country” and London is outside the EU’s “regulatory orbit.
“Post-Brexit, the question the EU 27 will have to answer is how reliant we want to be on a major financial centre that is in a third country, outside our regulatory orbit,” the Commissioner said.
“It is more likely