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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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    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

    as
    1. 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.
    2. De Manuel, Mirzha, 2010. "Third Country Rules for Alternative Investments: Passport flexibility comes at a price," ECMI Papers 4059, Centre for European Policy Studies.
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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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