EU needs masterplan to move financial business away from London

“We need a clear step-by-step masterplan that helps key financial sector businesses move from the United Kingdom to the European Union. A mere ‘wait and see’ approach will not do to bolster European financial markets. One of the key strategic priorities in the years to come has to be strengthening the Capital Markets Union and moving the strategically important clearing business to the EU”, said EPP Group spokesman in the European Parliament's Economic and Monetary Affairs Committee Markus Ferber MEP, ahead of this week’s presentation by the European Commission of a plan to strengthen Europe’s economic and financial sovereignty.

The plan is also a move to curb reliance on the dollar on international markets.

“If the EU wants to play in the geopolitical Champions’ League, we need a financial system to match it. In light of Brexit, having a robust and powerful financial infrastructure is more important than ever. When it comes to the financing of the European economy, we must not be completely dependent on third countries,” Ferber stressed.

“A stable and attractive currency is key for the EU’s financial and economic sovereignty. Fiscal prudence is a prerequisite for a stable Euro. One of the key challenges ahead will be to bring down the high debt levels incurred during the pandemic to a more sustainable trajectory. Therefore, the European Commission needs to establish clarity about the fiscal path forward by laying out its plans for the future of the Stability and Growth Pact and the deactivation of the general escape clause,” he concluded.

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