French Minister of Economy: Brexit Is an Opportunity for the Development of the Eurozone
Brexit can be an “opportunity” for the eurozone’s financial system, France’s new finance minister, Bruno Le Maire, has said. the Independent reports.
Mr Le Maire, who was appointed by the new French President Emmanuel Macron last week, was speaking at a joint press conference in Berlin with his German counterpart Wolfgang Schauble.
European politicians have been hoping to force the relocation of the lucrative business of clearing euro- denominated derivatives out of the City of London and into the European Union after Britain leaves the bloc in 2019.
The European Central Bank sought in 2011 to require euro-denominated clearing to be performed in the single currency area, but was overruled by the European Court of Justice in 2015 on the grounds that this would conflict with the rules of the single market.
But the departure of the UK from the single market in two years opens up the opportunity for the European authorities to move again.