City of London may lose 'passport' - ECB council member
The City of London is at risk of losing its prized “EU passport”, according to a European Central Bank Governing Council member, who added that Brexit talks must be carried out quickly to limit uncertainties.
The City of London will not be able to keep that passport if Britain leaves the EU’s single market of trade in goods and services, Francois Villeroy de Galhau told France Inter radio.
“There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules,” he said.
“It would be a bit paradoxical to leave the EU and apply all EU rules but that is one solution if Britain wants to keep access to the single market.”
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