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EU Financial Market Access after Brexit

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  • Karel Lannoo

Abstract

Karel Lannoo has contributed a policy analysis to the Forum section of the latest issue of Intereconomics, which is devoted to the broad question of “Post-Brexit European Union”. It can be downloaded, along with other contributions on this question, at https://www.ceps.eu/system/files/IEForum52016_3.pdf 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

  • Karel Lannoo, 2016. "EU Financial Market Access after Brexit," CEPS Papers 11876, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:11876
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    Download full text from publisher

    File URL: https://www.ceps.eu/system/files/Brexit%20and%20the%20financial%20sector_0.pdf
    Download Restriction: no
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    References listed on IDEAS

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    1. De Manuel, Mirzha, 2010. "Third Country Rules for Alternative Investments: Passport flexibility comes at a price," ECMI Papers 4059, Centre for European Policy Studies.
    2. Jakob Miethe & David Pothier, 2016. "Brexit: What’s at Stake for the Financial Sector?," DIW Economic Bulletin, DIW Berlin, German Institute for Economic Research, vol. 6(31), pages 364-372.
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    Cited by:

    1. 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.
    2. 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, February.
    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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