MARKETS FIGHT BACK: Europe’s bankers call for immediate U-turn on Brexit finance crackdown

Wednesday, April 26, 2017
By Paul Martin

EUROPEAN bankers already deeply worried over the impact of Brexit on the free market have demanded the EU backtrack on planned regulatory changes.

Wed, Apr 26, 2017

The financiers say they will not allowed to be competitive internationally after the bloc announced it is to make sweeping alterations to capital markets.

French and German banks are moving in to prevent the blatant power grabs by Brussels over fears their policies will effectively stifle growth, lead to jobs cuts and ultimately kill profits.

Frederic Oudea, chair of the European Banking Federation, and chief executive of SocGen said: “We cannot ignore the growing fragmentation of the international regulatory landscape in light of recent political changes notably in the US.

“The perspective of the Brexit adds … to that trend.

“This topic is particularly important at a time where we need to think strategically about the direction we want to take for capital market activities in Europe in light of Brexit consequences.

“The Economic Affairs Committee has oversight of financial rule-making in the European Parliament, which has joint say with member states on approving the EU’s laws.”

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