BERLIN (Reuters) - The European Union must make its own decisions and cannot have outside legislators deciding on financial services rules after Brexit, German Finance Minister Olaf Scholz said on Thursday.
Asked about the so-called equivalence system, which is based on Brussels granting access to the EU for banks, insurers and asset managers from outside the bloc if the bloc deems their home rules to be similar enough, Scholz said:
“I regret that developments are now such that it is going to be very difficult for the financial system in Britain.”
“But it is clear that the European Union must, of course, take its own decisions, including on its own within the framework of the democratic structures we have established. There cannot be additional legislators on the outside.”
Britain has said equivalence is too one-sided and wants a bespoke trading deal for banks based on mutual recognition or the UK and EU accepting each other’s rules.
Reporting by Tom Koerkemeier; Writing by Paul Carrel; Editing by Victoria Bryan
This news has been published by title German Finance Minister Says EU Must Make Its Own Decisions On Financial Services
If the page you access is error or not approach perfectly, make smile visit the native web in source CLICK HERE
Thank you for your visit to our website, hopefully the suggestion we convey is useful, accomplish not forget to allocation and subscribe our web to get more information.[TAG]251