8 December 2017

Association of German Banks views breakthrough in Brexit talks positively

  • Important signal for the economy
  • Banks still preparing for a hard Brexit

The European Commission today announced that sufficient progress had been made to enter the second phase of Brexit talks. Andreas Krautscheid, a member of the Association of German Banks’ senior management board, commented as follows: “We have been waiting for some positive news for a long time, and now there is at least a glimmer of hope. But the road ahead is still long and stony. It is, for example, completely unclear how a possible transition phase can be designed. And not all the issues addressed in the first phase of talks are done and dusted. Nevertheless, I am optimistic: there is now at least a chance that trade relations between the EU27 and the UK will be close in the future as well. This is a good signal for the economy in the whole of Europe. Yet time remains tight. So German banks are still preparing for a hard Brexit.”

 

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