Press Statement from Frances Fitzgerald MEP
Tuesday 18th July 2023
New report by Frances Fitzgerald welcomes closer cooperation between the EU and the UK on regulating financial services
Report passed overwhelmingly today by European Parliament’s Economic and Monetary Affairs Committee
Report also highlights that 7,000 financial services jobs have moved from London to the EU since Brexit
Frances Fitzgerald, MEP for Dublin, has welcomed the establishment of a new forum for the EU and the UK to cooperate in the area of financial services regulation in a new report she has negotiated. The report, on which Frances Fitzgerald was the lead negotiator, is about the ongoing implementation of the EU-UK Trade and Cooperation Agreement (TCA). It was passed by the European Parliament's Committee on Economic and Monetary Affairs today with 58 votes in favour, no votes against, and one abstention.
Frances Fitzgerald’s draft report also highlights that 7,000 financial services jobs have moved from the City of London to the EU since Brexit, with cities such as Dublin, Paris, and Amsterdam gaining significantly. Other elements of the report include:
Criticism of British proposals for new "free ports", which could breach fair competition obligations under the TCA
Calls for more EU decisions on British equivalence in the area of financial services
Support for greater cooperation between the EU and the UK on tackling cross-border money laundering
Frances Fitzgerald said, “I am delighted that the opinion I negotiated as rapporteur for European Parliament’s Economic and Monetary Affairs Committee on the implementation of the EU-UK Trade and Cooperation Agreement has passed overwhelmingly today. This relationship remains important for both the EU and Ireland, and it is vital to have a forum to discuss common challenges post-Brexit.
“The text notes divergence in policy on both sides in a range of areas, while stressing the advantage of cooperation in order to ensure common standards.
“Of course, both sides should uphold their own commitments. Reform of state aid rules should not undermine our commitment to the level playing field in this agreement, and others.
“In general, the text recognises the importance of a strong and globally interconnected financial system. The goal of open strategic autonomy should not become a barrier that could lead to isolationism or protectionism in the financial sector.
“The recent signing of the Memorandum of Understanding on regulatory cooperation in financial services is a welcome development.
“It is positive that there will at last be a structure and a forum to discuss these areas of common interest. It is important for both sides to use the potential of this forum for genuine and productive cooperation.
“We should make sure that it works well. This is in our interests.”
Contact: Michael Ward