Fun fact

Twice as many euros are traded in London as in the 19 countries of the single currency combined.

That division and specialisation of labour thing.

Even more fun is their plan for what should happen next:

“Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets,” states the report. “Without the UK, the the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability.”

Nicolas Véron, a co-author, said the EU faced a mix of risks and opportunity, but had barely started discussing post-Brexit financial regulations.

“What is important is for the EU27 to find its feet in the new financial system of the post Brexit landscape,” he said.

Rather than creating “27 clones of the FCA and Bank of England”, the EU should instead design “a more centralised consistent architecture”, with central authorities for banking regulation and conduct, Véron added.

The answer to someone storming off in a huff over excessive centralisation is more centralisation.

Ho hum.

7 comments on “Fun fact

  1. You seem surprised, Tim – it’s always been clear that the ratchet operates in one direction: Ever Closer Union.

    A point strangely never mentioned by the Remainers during the referendum campaign…

  2. “We should stay in and reform it from the inside” – British remoaners. I even had one acknowledge that the “tampon tax” was EU imposed. She seriously argued that the UK could get that repealed on EU level or get an exemption….

    Delusional. Particularly when Verhoftwat and co bare no bones about the whole United States of Europe thing when speaking other than English.

  3. Why would a Remainer want to get an exemption from EU rules and regulations? I thought the whole point of remaining was to be a full member of the club?

  4. The more they fuck themselves up the better it is for decent people everywhere.

    Go for it you ESpew scum !!!

  5. Their answer to every question might be more centralisation. The EU, however, is congenitally incapable of making that centralisation happen. A little like their trade treaties, their financial authority centralisation will descend into a bun fight over which nation gets which part, which extant financial service hub gets primacy (protted from the market), which nations rules are followed.

    “The continent is cut off” may cease to be a joke.

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