'Brexit': 'The City' and EU capital markets

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This paper considers the implications of the UK leaving the European Union (EU) for ‘The City’ of London and the wider UK financial sector and for the EU’s Capital Markets Union (CMU) project. The extent of the impact of Brexit through job losses in London and gains in EU financial centres and the relocation of financial sector business will depend on the degree of ‘hardness’ or ‘softness’ of Brexit and indeed whether an exit treaty deal is struck or ‘no-Brexit’ follows a second referendum. At the time of writing (in November 2018) the likely denouement was far from clear. For the EU’s flagship CMU project, the loss of the core London capital markets will require the construction of a more fragmented system based in a number of cities within the EU. In this digital age, the various hubs can perhaps be fully networked whilst better serving
distinct regional needs.


Original languageEnglish
Pages (from-to)17-25
Number of pages9
JournalInternational Economics and Economic Policy
Issue number1
Early online date12 Jan 2019
Publication statusPublished - 11 Mar 2019

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