The EU must encourage consumers and venture capital companies to make a 'ma...
LONDON - The EU must encourage consumers and venture capital companies to make a “massive” push into financial markets after its main financial centre London leaves the bloc in Brexit, the biggest remaining members said in a paper on Wednesday.
“Irrespective of the precise shape of future relations following the Brexit, non-automatic access from London will result in a significant shift of financial services activities to the EU 27 that will be spread across several financial centres,” the paper said. The paper, published by Germany, France, Italy, Spain, the Netherlands and Poland on the sidelines of meetings of euro zone and EU finance ministers in Luxembourg, called for the CMU to be renamed the “Savings and Sustainable Investment Union”, to win more support from a public wary of speculative markets.
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