BRITAIN: Extrication from EU must be quick as City of London is at risk of losing ‘EU passport’ following #Brexit vote: ECB’s Francois Villeroy de Galhau said on Saturday – @AceFinanceNews

#AceFinanceNews – June.25: ECB’s Villeroy – Brexit talks must be quick, City of London at risk of losing ‘EU passport’

London’s financial centre will lose its prized “EU passport” if Britain fails to secure continued access to the bloc’s single market in its exit talks, ECB Governing Council member Francois Villeroy de Galhau said on Saturday.

It would be a bit paradoxical to leave the EU and apply all EU rules but that is one solution if Britain wants to keep access to the single market.”

If that did not work out, that could be an opportunity for euro zone financial centers including Paris, Villeroy said. Some banks have said they would shift operations to the euro zone if Britain left the EU….

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