Merkel ally cool on access deal for British banks
Negotiating a new arrangement 'very difficult', says Fuchs
A close ally of German Chancellor Angela Merkel has said the European Union will not bend its rules to preserve the City of London’s access to the EU market once Britain leaves the union.
The legal and regulatory framework for so-called passporting is geared to banks based in an EU country, andnegotiating any new arrangement promises to be “very difficult”, German MP Michael Fuchs said in a Bloomberg interview today.
Passporting rules, which ...
