BdB | Avoid any prolonged economic damage to UK and EU after Brexit vote
“Even after Brexit, German banks will retain their close ties with the London financial marketplace. A divorce war is no use to anyone,” says Michael Kemmer, the Association of German Banks’ General Manager, “Following the referendum, it is now important to avoid any prolonged economic damage in the UK and the rest of the EU.”
Mr Kemmer is convinced that Germany and Britain will remain major trade partners and stresses the importance of keeping the EU and the UK as close as possible. “London will retain its status as a global financial centre, though at the same time Frankfurt can benefit from Britain leaving the EU.”
Michael Hüther, Director of the Cologne Institute for Economic Research (IW Köln), also stresses the necessity of reforms within the EU: “While Brexit is an idiosyncratically triggered event to be viewed separately from the institutional crisis within the EU, the Union nevertheless needs reforms. Increasing the transparency of political processes, and structural reforms to enhance economic growth and reduce unemployment are necessary.
Mr Hüther and Mr Kemmer are discussing the issue which consequences the European financial sector will face after Brexit with Kay Swinburne MEP, ECR Coordinator in the Committee on Economic and Monetary Affairs, and Markus Ferber MEP, First Vice-Chair of the Committee on Economic and Monetary Affairs at a panel discussion hosted by the Cologne Institute for Economic
Research and the Association of German Banks.