Britain, EU discuss risks, reforms, in inaugural financial services meeting
Britain, EU discuss risks, reforms, in inaugural financial services meeting
Officials from Britain's finance ministry and the European Commission have discussed geopolitical risks and the vulnerabilities of non-bank financial firms, in the first official forum between the two sides on finance since Brexit.
This is the best summary I could come up with:
In a joint readout published on Monday, the two parties said they discussed the risks related to the "current challenging geopolitical situation", without elaborating, and said their respective financial sectors remained resilient.
A forum was envisaged under Britain's Brexit deal with the EU, but its creation was delayed due to spats over the treatment of trading relations in Northern Ireland, which were resolved earlier this year by the Windsor Agreement.
Brussels has stressed that the new forum has no remit to decide on EU market access for UK financial services which were largely cut off from the bloc due to Brexit.
Instead, it will give regulators on both sides the chance to explain upcoming rules, particularly in cases where they may diverge, to avoid flashpoints.
The financial sector, however, is hoping the forum will build political trust on both sides over time to potentially lead to better UK access.
Adam Farkas, chief executive of markets industry body AFME, said the forum was an opportunity to lay the ground for a cooperative, stable and trusting long-term relationship.
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