Brexit

Excerpt from Edouard Philippe's speech, delivered at the IFF Paris on July 9, 2019 (unofficial translation)

"We have never considered the withdrawal of the British from the European Union as good news, on the contrary. But the British people made a sovereign choice. And we must respect that choice. Respecting that choice does not mean being subjected to it. Europe must move forward. In all areas, and particularly in the financial field.
Brexit leaves us no choice but to reorganise the European financial system. To develop its autonomy and complementarity so that it does not become a kind of "headless duck". Every area, even financial, needs a centre of gravity.
Indeed, it is not conceivable that the European financial system should depend on a financial centre located outside the EU. Outside the needs of its companies and territories. Also outside the supervision of its regulators. Particularly in times of crisis or instability. It is both a question of stability and sovereignty.
France will therefore defend vigorously Europe’s financial sovereignty. It will defend the powers of its regulators; it will defend its regulation; it will defend the interests of European growth. It will do so while respecting the balance between the imperative of financial stability on one hand and the ability of European players to take risks on the other. And to achieve this, we will ensure the development of healthy and fair competition with financial institutions outside the Union”.

In this context, Paris EUROPLACE strives to strengthen the attractiveness of the Paris financial centre, particularly by promoting reforms of its legislative and regulatory framework (labour law, taxation, financial law, etc.), business environment and infrastructure for welcoming companies and families. Paris EUROPLACE also remains vigilant with regard to negotiations at the European level, particularly concerning equivalence.

RESSOURCES :

Valdis Dombrovskis - 13 march 2020

Letter from Commission EVP Dombrovskis to Rishi Sunak, UK Chancellor of the Exchequer

European commission - 25 february 2020

Future EU-UK Partnership: European Commission receives mandate to begin negotiations with the UK

Council of the European Union - 25 february 2020

EU-UK relations: Council gives go-ahead for talks to start and adopts negotiating directives

Council of the European Union - 25 february 2020

Annex to Council Decision authorising the opening of negotiations with the UK

Council of the European Union - 13 february 2020

Council Decision authorising the opening of negotiations with the UK

European parliament - 7 february 2020