He warned that exchanges between the British and continental financial markets would become much more complicated after Brexit if transitional regulations are not agreed on within the two-year negotiating period. Wuermeling noted that this would mean that Britain would be in the same place as countries like Tunisia rather than other industrial powers such as Japan and the USA, which have developed financial equivalence agreements with the EU. “Financial equivalence agreements have been developed over decades with other financial centres. According to the EU Commission there are currently 212 such agreements with 32 different countries," he said. “With Japan alone there are 17 such agreements, with the USA there are 16.

Source: The Local March 29, 2017 08:15 UTC