Brexit pushes billions into France: Bank chief

21 January, 2021 12:00 AM printer

PARIS: The Bank of France's governor said Tuesday that Britain's withdrawal from the European Union has driven almost 2,500 jobs and "at least 170 billion euros in assets" to France so far.

London remains the foremost financial centre but Amsterdam, Dublin, Frankfurt and Paris all scrambled to attract businesses that wanted to remain active in the 19-nation eurozone, reports AFP.

The coronavirus pandemic made it even more important to boost business activity, given its severe economic effects.

"In spite of the pandemic, almost 2,500 jobs have already been transferred and around 50 British entities have authorised the relocation of at least 170 billion euros ($205 billion) in assets to France at the end of 2020," bank governor Francois Villeroy de Galhau told a press briefing.

"Other relocations are expected and should increase over the course of this year," he added.

In particular, Brexit has forced Europe to develop its financial autonomy, de Galhau said.


Top