While banks in London have drastically scaled back their post-Brexit relocation estimates, they are now favouring France to Germany, according to a survey led by Reuters. EURACTIV’s partner La Tribune reports.
Amsterdam and Paris won the right to host the two EU agencies that must leave London on Brexit after a dramatic ministerial meeting in Brussels on Monday (20 November) that left both result decided by drawing lots after votes were tied.
EU ministers will vote by secret ballot on the relocation of two EU agencies currently based in London at the General Affairs Council on 20 November. The ballot papers will then be destroyed and no record kept.
EU member states are urged to put on a united front on the issue of relocating the London-based European Medicines Agency (EMA), rather than bicker publicly and give the UK government reason to believe the bloc cannot cooperate properly, diplomats have told EURACTIV.com.
Last month, EU Council President Donald Tusk and European Commission chief Jean-Claude Juncker presented the procedure for relocating the European Bank Authority (EBA) and the European Medicines Agency (EMA) from the UK after it leaves the EU.
Leaders of 27 EU member states - excluding the UK -agreed late on Thursday (22 June) on criteria to decide by November the new seats of the European Medicines Agency and the European Banking Authority, which are currently based in London.
The post-Brexit relocation of the two London-based European agencies will be decided by a points-based vote which resembles the Eurovision song contest, EURACTIV has learned ahead of a summit tomorrow (22 June) where EU leaders will agree the criteria and the voting rules.
The future of EU agencies based in London will be part of tomorrow’s EU-27 summit, an issue that could erode the unity that European leaders want to showcase before the divorce talks with the UK begin.
The future location of the two European Union agencies based in London will be a matter for Brexit negotiations, the British government's Brexit department said yesterday (17 April), but EU officials said there was no doubt they would be moved.
In the aftermath of the Brexit vote, Rome and Madrid are leading the race to gain the right to host influential EU agencies, while Croatia, Bulgaria, Cyprus, Romania and Slovakia could remain empty-handed.
The bulk of a new type of allowance paid to bankers are in breach of the European Union's bonus cap and must be changed by the end of the year, the EU's banking watchdog said on Wednesday, raising the prospect that banks will have to bump up basic pay or risk losing top staff.
The European Union’s banking supervisor did not have the staff or powers to successfully stress-test EU banks’ resilience to financial shocks, according to a European Court of Auditors’ report published yesterday (2 July).
The European Court of Auditors has said that the Commission’s reform of the banking sector legislation and the creation of the European Banking Authority were “important first steps” in response to the financial crisis.