Middle-east Arab News Opinion | Asharq Al-awsat

France Wishes to Move the City of London to Paris, But! | ASHARQ AL-AWSAT English Archive 2005 -2017
Select Page
Media ID: 55367282

A Vote Leave supporter holds up a Union flag outside Downing Street after Britain voted to leave on the European Union in London, Britain, June 24, 2016. REUTERS/Neil Hall/File Photo

London- London is currently receiving European delegations that want to meet the prominent figures in the City of London and to present the unique features of Paris and Frankfort as well as other capitals that qualify them to substitute London as a European financial center after the BREXIT.

According to a recent survey, European companies see that there is no alternative and the financial services provided by London can’t be made by any other European city so far.

The Association for Financial Markets in Europe (AFME) also issued a report revealing that 78% of financial mediation operations in Europe pass through London. Hence, London is in attempt to maintain the so-called “financial passport” that allows selling products and financial services in the European Union (EU) countries.

Yet, Britain’s decision to exit the EU and the common market makes it lose its financial passport – Britain’s demand to maintain the current situation is considered by the Europeans as an unjustified gift.

A France delegation visited the City of London last week and convened with 50 bankers and assets management and investment companies to promote Paris as an alternative.

Paris is trying to promote itself with qualities that other European capitals lack, knowing that the capitals are competing one another to get a piece of the London financial “cake” especially when it comes to services and products that London can’t provide after BREXIT.

French people say that London is not flawless in all services – an example of that is that only 9% of European companies find loan donors from the international banks located in London.

A British banker asked, “What if Marine Le Pen, who backs France exiting the EU, won the presidential elections?”