EU should create ‘virtual’ post-Brexit replacement for City of London – Bundesbank official
Future financial centres may not need “physical proximity”, Wuermeling says
The European Union should aim to create a virtual financial centre to replace the City of London after Brexit, according to a member of the Deutsche Bundesbank’s executive board.
“London will not, as some have suggested, maintain its current role as the financial centre of the EU after Brexit,” Joachim Wuermeling told an audience in Frankfurt on February 15. There was “no substitute outside the EU” for the access granted by “being part of the single market”, he said.
But there was also no
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