The College of Europe (Bruges campus) and Deloitte organised a one-day conference on 25 April 2017, bringing together high-level policy makers, businesses leaders and eminent academics, to discuss developments in the European financial sector in the period leading to the UK’s withdrawal from the EU. The focus of this year's conference was on "Brexit and European Financial Markets".
The conference report is available via this link: #8BEBC Final Report
The European financial sector is in a state of flux. The United Kingdom (UK) has voted to leave the European Union (EU), creating uncertainty about market access, the evolution of EU financial regulation and possible policy fragmentation. The prospects of businesses across Europe will be affected by the forthcoming negotiations between the EU and the UK. London, one of the leading international centres for banking, sovereign bond issuance, derivatives, currency exchange and expert financial services, may lose its special position in Europe, as financial institutions and operations move to other EU Member States.
In addition, the economy of the Eurozone is still languishing. The contraction of government spending and the apparent ineffectiveness of monetary policy have certainly not helped economic recovery. Growth is flat and unemployment too high. Europe needs more investment to stimulate innovation and ultimately growth. Novel public measures have sought to incentivise private participation in large infrastructure projects backed by public guarantees. The recently established but as yet incomplete banking union is closely followed by the nascent capital markets union. These developments move in opposite directions. Deeper financial integration between some countries is buffeted by the prospect of disintegration and disengagement of financial institutions between other countries.
EU and national policy makers, investors, financial institutions and businesses in general are pondering the likely impact of these developments and considering their next steps. It is, therefore, appropriate to take stock of recent changes in policy and corporate strategies in the European financial sector, and identify possible outcomes.
Commission Vice-President, Valdis DOMBROVSKIS, delivered a keynote speech at the conference.
The conference was organised in the framework of the Specialisation in European Economic Integration and Business, in cooperation with Deloitte.
This conference was open to the public.