Luxembourg favors enhanced equivalence for British financial firms
BRUSSELS (Reuters) – Luxembourg Finance Minister Pierre Gramegna said on Thursday that this Eu should offer enhanced access for financial services firms from third countries, something Britain needs for their banks after it leaves the bloc.
The EU has "equivalence" regimes offering limited access for some of non-EU partners with a aspects of EU financial services markets. Gramegna said he supported a research into its workings from the European Central Bank as well as the Bank of England.
"There’s no doubt that that equivalence in the field of financial services could be an interesting idea that we actually will need to deepen and we all must make sure which we still discuss both to seek out ways of have smart access on sides," he told reporters before a session of euro zone finance ministers, in remedy questions on Britain's regime after Brexit.
His line turned out to be at odds using the position repeatedly taken by EU negotiators on Brexit that Britain really should not offered special conditions after it leaves the EU this year.
"Equivalence are some things which has been utilized on third countries exceptionally and that's why it needs to be widened and enhanced and that's what’s been agreed and then we think that's a good route… We support that it must be looked over," Gramegna said.
The EU's chief Brexit negotiator, Michel Barnier, has repeatedly said the bloc's existing system of market access for foreign financial firms can also work well for Britain, without the need for bespoke treatment.