“In spite of the pandemic, about 2,500 jobs have already been transferred and about fifty British entities have authorised the relocation of at least €170 billion in assets to France at the end of 2020,” Banque de France Governor, François Villeroy de Galhau, told the financial centre on Tuesday in reference to the UK withdrawing from the EU.
“We had actively prepared for this, and today the continuity of financial activities is fortunately assured,” said the governor, adding that other relocations are expected this year.
Brexit requires us to develop our European financial autonomy in a more structured way, said Villeroy de Galhau, adding that “a real ‘Financing Union’ should enable us to better mobilise the European savings surplus – nearly €220 billion – for the benefit of productive investments”.