Le Brexit et le secteur bancaire de l'UE : des libertés fondamentales du marché intérieur au statut de pays tiers

The Brexit referendum has fundamentally changed the relationship between the United Kingdom and the European Union, also within the banking sector. With the United Kingdom becoming a third country from an EU and a single European market perspective, overseeing an orderly relocation of banking activities to the EU has presented significant challenges. In fact, European customers can no longer be served directly from the United Kingdom. This contribution explains how the EU and the European Central Bank (ECB) in particular are overseeing this relocation process, and describes the ECB's supervisory approach in dealing with a number of thorny issues raised by Brexit. The ECB has been firm in its principles, particularly its ?no empty shell? policy requesting banks to locate within the EU strategic and risk management capabilities commensurate with their level of risk. But it has also been flexible and proportionate in applying those principles and very keen to establish intense and transparent cooperation with the UK authorities. This is indispensable to support the significant amount of cross-border banking business which will continue to characterise our markets for the foreseeable future. JEL Classification: F36, F38, F65, G18, G21, G23, G28.