The first part of this session will be devoted to taking stock of the changes that have happened in the European financial sector since the conclusion of Brexit and discussing the progress that is being made in the EU-UK discussions about supervisory cooperation and equivalence.
In the second part of the session, the panel will discuss the longer term changes that can be expected in the dynamics of the European financial market following Brexit, the impacts that this may have on the funding of the EU economy and how possible negative impacts may be alleviated.
Points of discussion
- What significant changes have happened over the last few months in the structure of the European financial sector as a consequence of Brexit? How important will the EU-UK framework for cooperation in financial services be for future bilateral financial services relations? Can be equivalence determinations be expected? Does the absence of equivalence determinations in most financial areas create major problems for the UK and EU-based financial industry and their customers?
- How are financial relations between the EU and the UK expected to evolve in the longer term? Is regulatory divergence between the EU and UK expected to widen over time? What does this mean for the funding of the EU economy, given other on-going changes in the EU financial sector (CMU, Banking Union…)? Is there any need to reopen the discussion on further enhancements to EU third-country arrangements?