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.