Brexit has created 2,500 jobs in finance and 170 billion euros in France, according to the governor of the bank | Brexit
The governor of the Banque de France said that Britain’s withdrawal from the European Union had created nearly 2,500 jobs and “at least 170 billion euros in assets” in France.
London remains the continent’s leading financial center, but Amsterdam, Dublin, Frankfurt and Paris have all struggled to attract companies that wanted to remain active in the 19 eurozone countries.
The coronavirus pandemic has made stimulating business activity even more important, given its severe economic effects.
“Despite the pandemic, nearly 2,500 jobs have already been transferred and around 50 British entities have authorized the relocation of at least 170 billion euros (150 billion pounds sterling) of assets to France at the end of 2020” , declared the governor of the bank François Villeroy de Galhau. a press briefing.
“Further relocations are expected and should increase during this year,” he added.
In particular, Brexit has forced Europe to develop its financial autonomy, said de Galhau.
The EU will allow London clearing houses to operate across the continent for 18 months, as the union does not have comparable institutions.
Once this deadline has expired, however, financial transactions in euros will in theory have to be settled within the EU.
In addition, “a true ‘finance union’ should enable us to better mobilize excess savings,” said de Galhau.
He insisted that the opportunity offered by Brexit be used to create a functioning ‘capital markets union’ in the EU.
Boris Johnson admitted in December that the Brexit deal with the EU “does not go as far as we would like” in allowing access to EU markets for financial services, although the British Chancellor, Rishi Sunak, later offered the prospect of better access.