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Brexit and the European financial system

Batsaikhan Uuriintuya , Kalcik, Robert , Schoenmaker, Dirk , (2017), “Brexit and the European financial system”, Bruegel, 9 February

London is an international financial centre, serving European and global clients. A hard Brexit would lead to a partial migration of financial firms from London to the EU27 (EU minus UK) to ensure they can continue to serve their EU27 clients.

Four major cities will host most of the new EU27 wholesale markets: Frankfurt, Paris, Dublin and Amsterdam. These cities have far fewer people employed in finance than London. Moreover, they host the European headquarters of fewer large companies. The partial migration of financial firms will thus have a major impact on these cities and their infrastructures.

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