Luxembourg’s ‘provocative’ Brexit solution for financial services
By Will Grahame-Clarke, 1 Nov 17
In a speech examining the impact of Brexit on European Financial Centres Luxembourg finance minister Pierre Gramegna says the UK has five Brexit options to choose from.
No agreement
Falling back on WTO rules would not be very satisfactory for the UK.
Gramegna said this ‘no deal’ Brexit was unlikely and a transition deal would be struck instead to help both sides devise new rules.
Precedent for a transition deal had been set by transition arrangements in virtually every EU treaty signed.
When asked whether the UK losing passporting rights would be a good prospect for Luxembourg Mr Gramegna said: “It is key for Europe that the number one global financial centre stays in Europe – we must harness London in Europe.
“To go for bigger piece of the pie now is to me short term reasoning because while their might some areas we would benefit from London (losing passporting rights) other global centres would benefit more… this island would drift into the Atlantic.
“A balanced final agreement for financial services is in the interest of Europe.”
Tags: Brexit | Luxembourg
