Brocker.Org: A single sentence from a senior EU formal sums up the stress with Brexit


Reuters/Francois Lenoir

LONDON – Valdis Dombrovskis, the European Commission’s vice
president for the money providers sector, summed up the
European Union’s view on Brexit in a person best sentence.

Just after offering a speech in London on Friday, Dombrovskis was requested
by an audience member what he would like to see the EU get out of
the Brexit course of action, and how he sees negotiations.

His response was a pithy summary of just how discouraged Brussels’
best brass are with Britain’s options to depart the bloc.

Here is the quotation (emphasis ours):

“Inevitably the will be some
economic disruption by clearing out a long time of economic
integration. Regretably, it will be a predicament in which
we will be paying heaps of time and energy shifting from Stage A
to Stage B, when we already know that Stage B is possible to be
worse than Stage A.

“That, regretably, is the
reality that we are in.”

The European Union’s most senior
team have been rather unequivocal in their distaste for Brexit
due to the fact the vote, and Dombrovskis is no distinct, stating: “This is
not the destination we want to go to. As I claimed, and as
President Juncker has claimed, we regret but respect the choice.
Even so, it is not anything in which we desired to go.”

Dombrovskis’ responses arrive through
a vacation to the British isles to focus on
the European Commission’s strategy to accelerate Europe’s capital
markets union
— a scheme designed to “decreased the price of
funding and make the money procedure more resilient — and to
focus on a selection of concerns bordering the British money
sector’s function in Europe soon after Brexit.

The working day just before the vacation, Dombrovskis hinted in an interview with
the newspaper City AM that Brussels could be completely ready to
just take absent London’s function as the principal centre for the clearing of
euro-denominated buying and selling.

“There are several elements at participate in,” Dombrovskis informed City AM.

“1 is money security. There are questions linked to the
enforceability of swap traces concerning ECB and Lender of England if
the British isles is to transfer out of the jurisdiction of the European Court
of Justice.”

He reiterated that position in his speech at Bloomberg’s European
headquarters on Friday, stating that the European Commission will
“seem at” proposals from the ECB to transfer clearing things to do out
of London.