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Over the weekend, the European Banking Authority quietly left its Canary Wharf offices in London to settle here in Paris, in the business district known as La Defense. If you have not already guessed, big, bad, Brexit.
The business magazine Forbes has a beautiful, albeit utterly incomprehensible, report on the move of the abbreviation EBA and its sister agency, the EMA of the United Kingdom. Indeed, once the Prime Minister, Theresa May, announced that the United Kingdom would leave the European Union and refuse the jurisdiction of the CJEU, DEXEU could do nothing.
I hope it is clear.
The DEXEU is the UK department for the exit of the European Union. They tried to convince the European Banking Authority, the EBA, that staying in London after Brexit would not be a problem. EU negotiators have seen things differently. The bank is a single market institution, SM, governed by EU law. He absolutely could not stay in a country that was leaving the single market and was repudiating the jurisdiction of the European Court of Justice, or CJEU.
To complete the explanatory summary of these abbreviations, the EMA also leaves London. It is the European Medicines Agency that regulates the pills and potions prescribed by our doctors to keep us safe, healthy and upright and upright.
No question of leaving such intimate questions in the hands of these satanic Britons. Take a pill, Bill!
But let's get serious, to the money!
Throughout the Brexit debate, the leaders of the universe who operate from the towers and spiers of London's financial district arrogantly declared that the city would remain the center of the known world, no matter what would have happened in Europe. They would have free access to the European market, simply because this European market could not survive without them.
Will London become a distant backwater
Now, in the absence of agreement, it seems that London is becoming a distant nook, abandoned by both continental institutions and large financial groups who like to be close to the action.
the ForbesThe article goes on to point out that there is still no agreement on anything and that the UK has not left the EU. But the cross-channel position on the Brexit has considerably hardened, we are told. In the European elections, public opinion has polarized between leaving the EU without any agreement and not leaving at all.
Ms. May, the unfortunate Prime Minister whose attempt to please everyone ended up pleasing no one, was removed from office. Successful runners would prefer to leave the European Union without any agreement than to accept Irish support – which is perverse, since a majority of Northern Irish themselves seem quite at home. with this strange attempt to keep northern loyalists guarding their cake. eat it and also swallow the part of their nationalist neighbors.
But this is because the Democratic Unionist Party believes that eternal damnation would be preferable to a few months of fraternal sharing of their island province with southern Catholics.
Let's listen to this for Plan B
As the danger of a no-transaction start increases, more and more London-based financial institutions are establishing subsidiaries in the member countries of the European Union. European banks leave London for Paris, Luxembourg, Frankfurt or Dublin.
Financial services tend to be the forgotten side of the Brexit debate. London is by far the richest part of the United Kingdom; Many who voted in favor of the resignation blame the huge gap in GDP per capita between London and the rest of the world to forge close ties with the hated EU.
Some badysts argue that the dominant financial services sector in the UK is draining resources from other sectors and preventing diversification of the economy. And people have not forgotten the financial crisis, the bailout of banks and the austerity imposed on them to pay for everything.
The general view is that reducing the overcrowded city would not be a bad thing. Protecting the banks of Brexit is therefore much more difficult than protecting car manufacturers and farmers. Unsurprisingly, politicians focused on mitigating the impact of Brexit on goods exports and largely ignored services.
The news is not all bad
The Reuters news agency, which specializes in publishing accurate financial information, says real estate prices in London are rising. So, someone thinks that London is an investment opportunity, Brexit or whatever.
the Forbes One man thinks that the next big achievement could be a career for the rich and powerful London, who would run a kind of offshore financial center, right on the doorstep of Europe.
Strange creatures these British. Even when they propose to leave, they are still difficult to eliminate.
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