City of London at risk of losing "EU passport", European Central Bank

London's financial centre is at risk of losing its prized "EU passport", according to the European Central Bank’s Governing Council member Francois Villeroy de Galhau. In comments on Saturday, Villeroy said talks on Britain leaving the European Union must be carried out quickly to limit uncertainty. Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks had said they would shift operations to the euro zone if Britain left the EU. Villeroy told France Inter radio that London will not be able to keep that passport if Britain leaves the EU's single market of trade in goods and services.

More from Business

Recently Played

Latest Blogs

  • PINOY BULLETIN: JUNE 09 - 13, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.

  • PINOY BULLETIN: JUNE 02 - 06, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.

  • PINOY BULLETIN: MAY 26 - 30, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.