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French and Italian financial market places call for a prompt and clear negotiation on the exit of UK from the EU and a consolidation of financial Europe

Professional associations and large companies of the French and Italian financial sector (bank, insurance and asset management), which met in Paris today for the French-Italian Dialogue on Financial services, have expressed their deep sympathies to the victims of the deadly attack in Nice and their relatives. The French and Italian marketplaces have again underlined their disappointment following the British choice for Brexit and the need to further strengthen of European integration.

As regards the upcoming negotiation between the EU and the UK, French and Italian professionals of the financial sector converge on the following orientations:

  •   the need for urgent decisions, with prompt recourse to art. 50 of the EU Treaty, since long uncertainty would have extremely unfavourable impact for economic activity and financial markets,

  •   the objective of a clear, unequivocal agreement, which respects the integrity of internal market,

  •   the enforcement of the third country regime to the UK, similar to other economic partners of EU, with consequently the loss of the European passport for companies established in the UK,

  •   maintain a level playing field for prudential regulation and supervision by the European authorities, with reciprocity for financial activities. 

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