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EU Summit Brussels today: French resistance will only be better for the UK PDF Print E-mail
Monday, 22 February 2016

With the news that France appears to be digging in over the issue of greater protections for the City of London at the EU Summit in Brussels today there are lots of questions about what impact that will have on the UK and in particular European financial regulation.

James Phillips Regulator Strategy Director at Lombard Risk, a leading provider of regulatory reporting and collateral management solutions to the financial services industry, believes that the fears should be quelled, “There is actually nothing ‘to resist’ as the European countries have signed up to the supranational rules agreed to at the Basel Committee level. UK plc has a very strong role in European finance, as we do internationally and that will only continue. If we have the ability to diverge a little more than current discretions, and to limit the reach of the European Central Bank then that would likely only be better for UK plc. We would still follow – may I suggest lead – the quality of international financial regulatory standards either way.”

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