London cannot remain the main euro clearing centre: French finance minister Michel Sapin

In June, Sapin said France would roll out the 'red carpet' for banks currently based in London.

By: Reuters | London | Published:October 7, 2016 5:08 pm
Brexit, United Kingdom referendum, European Union referendum, EU, Euro clearing centre, French economy, france economy, French finance minister, Michel Sapin, Spain, France, London, World news Michel Sapin’s comments are part of a campaign from the French government to attract business from London, Europe’s biggest financial centre. (Source: AP)

French finance minister Michel Sapin said it would be unacceptable for London to remain the main euro clearing centre once it leaves the European Union, in an interview broadcast on Friday.

“No-one in the euro zone will accept that the main clearing place will be outside the European Union,” Sapin told Sky News, according to a translation.

“So there will be activities that will be taking place in London that will only be able to take place on the territory of the European Union. And from that point of view, Paris is extremely well placed…”

Sapin’s comments are part of a campaign from the French government to attract business from London, Europe’s biggest financial centre. In June, Sapin said France would roll out the “red carpet” for banks currently based in London.

For all the latest World News, download Indian Express App now