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Brexit created 2,500 jobs in France and raised € 170 billion in assets

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Paris Perspective #2 Will Brexit work to France’s advantage Full Interview Description video: Paris Perspective: Conversations with contemporary analysts, commentators and icons about their personal relationship with France, the French and how their lives have been influenced by Gallic culture. […]

Paris Perspective #2 Will Brexit work to France’s advantage Full Interview

Description video:
Paris Perspective: Conversations with contemporary analysts, commentators and icons about their personal relationship with France, the French and how their lives have been influenced by Gallic culture. Paris Perspective features one-on-one discussions, round table debates and exclusive interviews with those who can see the world from a French context, and France’s position on the international stage. http://en.rfi.fr

Brexit created 2,500 jobs in France and raised € 170 billion in assets

The head of the Bank of France claims that “50 British businesses” have moved across the English Channel, while Dublin, Amsterdam and Frankfurt have also benefited.

The head of the Bank of France said that Britain’s exit from the European Union led to the creation in France of almost 2.5 thousand jobs and «at least 170 billion euros in assets».

London remains the continent’s foremost financial hub, but Amsterdam, Dublin, Frankfurt and Paris are struggling to attract businesses that wanted to remain active in the 19-country eurozone..

The coronavirus pandemic has made boosting business even more important given its severe economic impact.

«Despite the pandemic, almost 2,500 jobs have already been transferred, and about 50 UK organizations have authorized the transfer of assets worth at least € 170 billion (£ 150 billion) to France at the end of 2020», – said the head of the regulator Francois Villerois de Gallo during a press briefing.

«More transfers are expected and should increase this year», – he added.

In particular, Brexit has forced Europe to develop its financial autonomy, de Gallo said.

Brexit created 2,500 jobs in France and raised € 170 billion in assets

The EU will allow London clearing houses to operate across the continent for 18 months because the EU does not have its own comparable institutions.

However, after this period, financial transactions in euros will theoretically have to be made within the EU..

Besides, «present« financial union» should allow better mobilization of surplus savings, as de Gallo said.

He urged to use the opportunity presented by Brexit to create a functional «capital markets union» the weight.

Boris Johnson admitted in December that the terms of the Brexit deal with the EU «don’t go as far as we would like» in providing access to EU markets for financial services, although the UK Chancellor Rishi Sunak later offered the prospect of improving access.