Saturday, 8 October 2016

France’s Sapin – London cannot remain euro clearing centre: Sky News

In World Economy News 08/10/2016

A cash machine ATM that offers withdrawals in either Pound Sterling or Euros is seen in Canary Wharf Financial centre in London
French finance minister Michel Sapin said it would be unacceptable for London to remain the main euro clearing centre once it leaves the European Union, in an interview broadcast on Friday.

“No-one in the euro zone will accept that the main clearing place will be outside the European Union,” Sapin told Sky News, according to a translation.
“So there will be activities that will be taking place in London that will only be able to take place on the territory of the European Union. And from that point of view, Paris is extremely well placed…”
Sapin’s comments are part of a campaign from the French government to attract business from London, Europe’s biggest financial centre. In June, Sapin said France would roll out the “red carpet” for banks currently based in London.

Source: Reuters (Reporting by Andy Bruce; editing by Kate Holton)