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23 April 2018

Bloomberg: Germany wants to help UK banks but needs concessions

Germany wants to help U.K. banks get access to the European market after Brexit, but would need Britain to make concessions, according to a person familiar with the German government’s position.

The U.K. sees an opportunity to exploit lingering divisions among EU member countries. In Germany, Europe’s biggest economy, Chancellor Angela Merkel consistently has said she wants to limit disruption to economic ties.

Germany wants to help Britain and sees itself in a position to foster a compromise when the time comes, the person said, speaking on condition of anonymity. For a deal to work, the U.K. would have to accept the jurisdiction of the European Court of Justice and make an open-ended commitment to accept EU regulations, according to the person.

While the U.K. initially ruled out any role for the ECJ after Brexit, Prime Minister Theresa May has shown some flexibility as she seeks to maintain market access for British companies. [...]

Full article on Bloomberg

© Bloomberg

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