February 7, 2018 / 4:14 PM / 14 days ago

Barnier, at ECB, stresses EU supremacy on financial rules after Brexit

BRUSSELS (Reuters) - The European Union’s Brexit negotiator Michel Barnier reaffirmed after a meeting at the European Central Bank on Wednesday that the EU wanted to maintain full control over financial regulation in the bloc after Brexit.

“EU financial services market is built on a single rulebook and integrated supervision,” Barnier tweeted. “Future EU-UK relationship must respect EU regulatory autonomy.”

London, home to Europe’s dominant financial market, has been looking at ways in which the EU and Britain might recognize each other’s regulations in order to limit the impact of Britain’s exit from the bloc next year.

But EU officials are concerned that such arrangements could weaken the EU banking supervision system and have insisted that any relationship with Britain must not dilute its control.

Reporting by Alastair Macdonald; Editing by Alissa de Carbonnel

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