Mark Carney, governor of the Bank of England, will be co-chairman of the taskforce TOBY MELVILLE/REUTERSUK and European Union regulators will work together on measures to safeguard the financial system after Brexit, in a move that may calm fears about millions of contracts which underpin loans to companies and individuals. An agreement between the Bank of England and European Central Bank to create a taskforce comes after mounting frustration in the UK about a perceived lack of engagement from the EU over the complex technical and legal issues which need to be resolved for financial institutions and their clients to maintain confidence in the system. Mario Draghi, president of the ECB, and Mark Carney, governor of the Bank, will be chairmen. Representatives from the European Commission and the Treasury will attend as observers and other authorities will be called on.

Source: The Times April 27, 2018 23:03 UTC