Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-05-17-Speech-3-387-000"
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"en.20170517.29.3-387-000"2
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"Mr President, honourable Members, even before the Brexit referendum, the ECB was trying a power grab of UK financial services, in an attempt to restrict clearing of euro—denominated derivatives to inside the eurozone. The EU – or ECB rather – was unsuccessful then, but the French and now a German MEP repeated the suggestion. In fact, Manfred Weber appeared to go further last month, and sought to exclude London from all business conducted in euros. What better example, honourable Members, can we have of the EU’s ability to cut off its nose to spite its face.
London clears derivatives and currencies from all over the world without being in political union with third countries. For the EU to introduce geo-blocking of euro clearing would be a message to the whole world that the euro should not be regarded as a global reserve currency. Manfred Weber, as leader of Merkel’s Christian Democrats here in Strasbourg, should think twice about what the EU might lose if it seeks to punish Britain and the city of London. The EU will quickly discover that an economic blitzkrieg is a double-edged sword."@en1
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