The City of London during the coronavirus health crisis (illustration).
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Tolga Akmen / AFP
As part of Brexit, "nearly 2,500 jobs" and "at least 170 billion euros in assets" have already been relocated to France at the end of 2020, announced the Governor of the Banque de France, this Tuesday.
"Despite the pandemic, nearly 2,500 jobs have already been transferred and around fifty British entities authorized for at least 170 billion euros of assets relocated to France at the end of 2020," said Governor François Villeroy de Galhau, on the occasion of his New Year greetings to the press.
Other expected relocations
"Other relocations are expected and should accelerate in the course of this year", added the central banker, stressing that "Brexit required to develop our European financial autonomy" and in particular in the crucial sector of financial compensation.
For now, the European Union has authorized London clearing houses, which provide the bulk of clearing in Europe on certain financial products, to continue their activity for 18 months, acknowledging that it did not have the establishments necessary on the continent to do without the United Kingdom.
After this deadline, however, the European authorities suggest that the clearing of products denominated in euros will have to take place within the EU.
In addition, “a true 'Financing Union' should enable us to better mobilize the surplus of European savings, nearly 220 billion euros, for the benefit of productive investment.
It is now, or otherwise it will never be, that we must seize the double opportunity of Brexit and reconstruction to form the Capital Markets Union ”, warned François Villeroy de Galhau.
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