France received €170 billion by 2020-end because of Brexit

“In spite of the pandemic, about 2,500 jobs have already been transferred and about fifty British entities have authorised the relocation of at least €170 billion in assets to France at the end of 2020,” Banque de France Governor, François Villeroy de Galhau said. [Shuuterstock/vlasque]

“In spite of the pandemic, about 2,500 jobs have already been transferred and about fifty British entities have authorised the relocation of at least €170 billion in assets to France at the end of 2020,” Banque de France Governor, François Villeroy de Galhau, told the financial centre on Tuesday in reference to the UK withdrawing from the EU.

“We had actively prepared for this, and today the continuity of financial activities is fortunately assured,” said the governor, adding that other relocations are expected this year.

Brexit requires us to develop our European financial autonomy in a more structured way, said Villeroy de Galhau, adding that “a real ‘Financing Union’ should enable us to better mobilise the European savings surplus – nearly €220 billion – for the benefit of productive investments”. 

Regarding the year 2021, the governor was hopeful, recalling that the financial system remained resilient in 2020 in part because banks and insurance companies had entered the crisis with a solid financial situation.

“If there is no concern today about their financial soundness [ed. of banks and insurance companies], we will have to remain vigilant. Uncertainties remain high,” he added. 

(Louise Rozès Moscovenko  | EURACTIV.fr)

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