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EU Financial Market Access after Brexit

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  • Lannoo, Karel

Abstract

Karel Lannoo opens his contribution by observing that it is understandable why the UK attaches immense importance to retaining access to the EU’s single market, given that financial services account for about 8% of the country’s GDP. He warns, however, that putting a mutually acceptable regime in place will take years of negotiations, and the final agreement will clearly allow much less access than UK-licensed firms enjoy today. He further finds that the “equivalence” assessment – the basic tool used under current EU financial services legislation to recognise that a third country’s legal, regulatory and/or supervisory regime is equivalent to the corresponding EU framework – offers a fairly bleak basis on which the City might continue to thrive as a global financial centre in Europe.

Suggested Citation

  • Lannoo, Karel, 2016. "EU Financial Market Access after Brexit," ECMI Papers 11876, Centre for European Policy Studies.
    • Handle: RePEc:eps:ecmiwp:11876
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    File URL: https://www.ceps.eu/publications/eu-financial-market-access-after-brexit
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    Cited by:

    1. Bofinger, Peter & Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Wieland, Volker, 2018. "Vor wichtigen wirtschaftspolitischen Weichenstellungen. Jahresgutachten 2018/19 [Setting the Right Course for Economic Policy. Annual Report 2018/19]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201819.
    2. Matthes, Jürgen & Busch, Berthold, 2016. "Was kommt nach dem Brexit? Erwägungen zum zukünftigen Verhältnis zwischen der Europäischen Union und dem Vereinigten Königreich," IW-Reports 37/2016, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
    3. Yutaka Kurihara, 2017. "The Impact of ‘Brexit’ on Japanese International Trade in EU," Business, Management and Economics Research, Academic Research Publishing Group, vol. 3(6), pages 57-61, 06-2017.
    4. Micossi, Stefano & Perissich, Riccardo, 2016. "The Brexit Negotiations: An Italian Perspective," CEPS Papers 11922, Centre for European Policy Studies.

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