The European Parliament has adopted by an amazing majority its place on the negotiations on the long run relationship with the United Kingdom. The decision was collectively drafted by all pro-European political teams and accommodates clear positions on all elements of the long run relationship. The European Parliament makes clearer and sharper statements on truthful competitors (“level playing field”) than the EU Commission within the space of economic markets and monetary crime.
MEP Sven Giegold, monetary and financial coverage spokesperson of the Greens/EFA group mentioned: “The time for particular remedy of the UK is over. The British authorities’s try to offer its London monetary centre everlasting and complete entry to the European monetary system for many years is audacious. The EU is not going to let the choice as to which British monetary market rules are suitable with European rules be taken out of its fingers. Equivalence just isn’t a everlasting subscription, however a revocable privilege. What already applies to all nations exterior the one market may also apply to Britain. If the United Kingdom deviates from the European rules, it should anticipate to lose entry to the European monetary market.
“With today’s decision, Parliament is also putting its finger in the wound of British tax havens. Even today, the British overseas territories are already deliberately undercutting European rules. The European Parliament has made it clear that those who continue to operate tax havens cannot have access to the EU financial market at the same time. We will neither accept tax havens in the Caribbean nor on the Thames.”