Germany Favors U.K. Banks Gaining Transitional EU Access
- Brexit stance outlined in leaked government position paper
- Fifth round of Brexit talks held this week amid impasse
An aircraft takes off in London with the Docklands financial district in the background.
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Germany wants the European Union to be prepared to grant U.K. financial companies transitional access to the EU if the Brexit process drags on, according to a government strategy document.
With the clock ticking toward Britain’s exit day in March 2019, the proposal by the Finance Ministry in Berlin says the EU should let member governments offer market access to British banks on a reciprocity basis for a transitional time. No mention is made of requiring U.K. banks to be domiciled in Europe, potentially removing a key obstacle at least temporarily.