The struggle for British heritage

Not wanting to lose ties with the European Union and, most importantly, advantages, many multinational companies and banks long ago announced its intention to transfer the headquarters or part of the staff from London to the continent.

The real war erupted over the new location of the main financial regulator of the continent – the European banking authority (EBA). Its main office is still in London, but after breccia, of course, she will have to move to the mainland. EVA must vacate the building at one Canada Worth, the business district in East London, until March 30, 2019. This files most often as the new location of the headquarters of the EVE of the German called Frankfurt, one of the financial centers of Europe, where, for example, is the headquarters of the ECB. However, France does not want to give its German rivals such a tidbit. The French believe that the ECB Frankfurt enough, and demand that EVA moved to Paris.

Of course, the British inheritance claim not only Germany and France, the chances of which, of course, is preferable due to the size of these economies and the corresponding level of influence. For the right to host two of located now in London European regulators are struggling and other countries, starting from Portugal and ending with Denmark. Moreover, the tidbit is deemed not EVE, and the European medical Agency (EMA). This is not surprising, because the headquarters of this European Agency, which employs 900 people annually at conferences and symposia bring together thousands of experts from all over Europe and other continents.

As for EVE, in the headquarters which employs 150 people, although it is smaller, but the struggle for it is more violent, because Paris and Frankfurt are now fighting for the title of financial capital of Europe London after leaving the EU will surely lose.

Despite the fact that while the odds clearly on the side of Frankfurt, the Parisians to abandon the struggle does not intend to look for support from a new President. In early may, the German financial regulator, not without pride, reported that more than a dozen banks, who is now in London, expressed a desire to move a substantial portion of the staff after breccia on the banks of the main. But if commercial banks decide for themselves where to move, then moving to a place of European institutions and organizations is determined, of course, on a European level. The French in all of the discussions of the division of the «British inheritance» warmly protesting against the move EVE in Frankfurt. Perhaps Berlin and Paris should find a compromise. Make it extremely difficult, but, possibly, it is necessary, because the struggle for EVA was so hot that Brussels suddenly thought about the option that will help to maintain normal relations between France and Germany. We are talking about placing the headquarters of EVA in a third country, according to the Wall Street Journal, citing European officials dealing with this issue. Now the most likely candidates are Brussels and Vienna.

The location of the main offices and headquarters of major banks, companies, and organizations is very important, of course, not only from the point of view of prestige. In the first place is, as always, the economy. Finding a regulator which, in addition to various conferences, symposiums and forums, holds monthly meetings, gives extra money to the restaurants and hotels of the city where it is located.

The place of crossing of EVA and EMA does not appear in the official agenda of the meetings of the European Commission. Issues are discussed informally between representatives of all 27 EU members. Recommendations the EC should prepare by the end of may. The final decision will be made at one of the summits of the EU.

Despite the unexpected desire of the European Commission to postpone the EVA in Austria or Belgium, and the resistance of France, Berlin is not left trying to get EVE to Frankfurt. First, Berlin has all the same great political and economic weight in comparison with Paris, and secondly, the move EVE on main supports and the management of the ECB. In the office Mario Draghi logically say that it is desirable that the financial regulator was next to his own wrotnowski banking regulator, the Single Supervisory mechanism (SSM).

By the way, another argument for moving EVE in Frankfurt is the intention of the EC to combine banking and insurance regulators in the EU. All regulators from the EU three: banking, insurance and market. These young institutions, they were created in the years of financial crisis. Because of the special importance for the national pride of the Europeans, the EC distributed the headquarters of these organizations in different cities and countries: insurance (EIOPA) in Frankfurt am main and market (ESMA) in Paris.

The most difficult now, perhaps, we have Andrea Ernia, Director EVA, who have been preparing to move and start looking for new employees. In addition, the location of the new headquarters of the organization must be approved by the European Parliament and all EU member States. This process is slow and will take at least a year, so define a new ‘ regulator to delay any longer.

The struggle for British heritage 19.05.2017

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