Krautscheid: The moment of truth has come

15 November 2018

“The moment of truth has come sooner than many people expected. The response of the British House of Commons will essentially set the course for the coming months,” said Andreas Krautscheid, Chief Executive of the Association of German Banks. “Without approval of the compromise reached yesterday, the banking industry will also be heading for a hard Brexit. This means treating the United Kingdom as a third country and doing day-to-day business with London on the basis of contingency rules. The price everyone would pay for the Brexiteers’ intransigence is high. As expected, the draft withdrawal agreement sets out no detailed arrangements for the financial sector, but the accompanying political declaration envisages using the almost two-year transitional period to draw up the necessary equivalence rules. This is the only responsible way to ensure an orderly withdrawal.”

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