How to develop a “financial Eurosystem” post-Brexit | Eurofi High Level Seminar 2019 | Bucharest, 5 April 2019 Closing remarks by François Villeroy de Galhau, Governor of the Banque de France Ladies and Gentlemen, It is a pleasure to be in Bucharest today to conclude this Eurofi High Level Seminar. I am grateful to D. Wright and D. Cahen for offering me the opportunity to give this keynote speech... but perhaps less grateful about the theme they asked me to address: “Opportunities...

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Brussels, 3 April 2019 President Tajani, Honourable Members of this House, The developments in Westminster over the past days have convinced me of what I already knew. The best way forward is the ratification of the Withdrawal Agreement. It has already been agreed by the Government of the United Kingdom, endorsed by this House as well as by the European Council. In its decision 10 days ago, the European Council paved the way for an extension of the Article 50 negotiation period until...

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Speech by European Commission Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen,  4 April 2019 Ladies and Gentlemen, As you all know, we have repeatedly stated that the Commission regrets the decision of UK to leave the European Union. Following the latest developments, a no-deal scenario is highly likely. Let there be no doubt whatsoever: a “no-deal” scenario would be extremely costly and disruptive. The economic consequences would have a significant impact on the UK, and to a lesser extent the EU. The EU...

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The Council and the European Parliament have agreed that, following Brexit, UK citizens coming to the Schengen area for a short stay (90 days in any 180 days) should be granted visa free travel.This agreement was confirmed yesterday by EU ambassadors on behalf of the Council and by the European Parliament Civil Liberties, Justice and Home Affairs committee today. The text now needs to be formally adopted by the European Parliament and the Council. According to EU rules, visa exemption...

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Brussels, 1 April 2019 Good morning ladies and gentlemen, You have entitled this breakfast discussion “deal or no deal? The state of play of Brexit”. Let’s not forget that we already have an agreement! It was concluded by Theresa May and the European Council on 25 November last year, both on the terms of the withdrawal and on the framework for the future relationship. The EU put a lot of effort into concluding that agreement. We have been respectful of the UK’s choices. We tried to...

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The European Union's (EU) banking, insurance, pensions and securities sectors continue to face a range of risks, the latest report on "Risks and Vulnerabilities in the EU Financial System" published today by the Joint Committee of the European Supervisory Authorities (ESAs) shows. The 2019 Spring ESAs' report highlights the following risks as potential sources of instability: Uncertainties around the terms of the United Kingdom's withdrawal from the European Union. Further repricing of risk premia and asset price volatility, which could be...

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Statement by the European Commission. March 29, 2019 The Commission regrets the negative vote in the House of Commons today. As per the European Council (Article 50) decision on 22 March, the period provided for in Article 50(3) is extended to 12 April. It will be for the UK to indicate the way forward before that date, for consideration by the European Council. A “no-deal” scenario on 12 April is now a likely scenario. The EU has been preparing for this...

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