But this likely heralds the beginning of the slow decline of the all-powerful City of London, whose rise coincided with the launch of the single market and expanded ever since thanks to passporting, and the renewed fragmentation of financial services over several European financial centres. The first working day of the new TCA, in its provisional form, saw no great change there were no major hiccups and some businesses had already relocated to the EU with the new framework, often on platforms created by UK-based providers.
However, it was years in the making and thus allowed all providers to prepare for the new normal, which banks, insurance companies, financial infrastructures and related service providers have largely done.
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Only supervisory equivalence agreements between both parties covering some aspects of the free provision of financial services could somehow maintain the appearance of the frictionless trade of before.įrom a once intense relationship in financial services, which was measured by the number of ‘passports’ or single licences used, capital flows and the high number of transactions in both directions, the TCA is a huge climbdown from the former close trade relationship.
The agreement contains a long list of member states’ specific market access reservations, notably on financial data processing services – a clear sign that this is no longer a Union but a loose trade agreement. Joint actions have also been envisaged on money laundering (which remains problematic even within the EU), cybersecurity, and in financial programmes of the European Investment Bank (EIB). Nevertheless, there is a deal that provides for an umbrella, a governance structure, and a mechanism for dispute settlement and cooperation in a variety of fields, as might be expected for a former member and close neighbour. The TCA does not even institute a dedicated financial services committee, but rather a general one for services. The outcome of the Trade and Cooperation Agreement (TCA) for trade in financial services between the EU and UK deal was even more paltry than expected.
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It highlights the necessity for serious structural reforms in member states, better management and control systems at EU level, well-designed active labour market policies, and a clear framework for public private partnerships to ensure that they are used more effectively.ĭownload the full report here Policy Insight | On the fringes: EU-UK financial services under the TCA | CEPS The report also presents a number of solutions to ensure that aspects critical to the recovery programmes – and the key objective of longer-term resilience – are implemented. These risks can be mitigated or avoided, however.
It sets out some of the main risks to the success of the recovery programmes, such as a lack of focus and mistargeting, maintaining unsustainable sectors, delays in implementation, and the lack of both a European dimension and the capacity to implement such a complex programme over and above the normal EU budget.
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This is the first of a series of reports dedicated to the preparation and implementation of the Recovery and Resilience Facility of the EU.
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