City must apply EU rules to keep lead role, says eurogroup chief

City must apply EU rules to keep lead role, says eurogroup chief:
"The City of London risks losing its role as the continent’s premier financial centre unless the UK agrees to fully apply EU regulations post-Brexit, one of Europe’s most senior policymakers has warned.

The stance of Jeroen Dijsselbloem, who chairs the eurogroup of 17 eurozone finance ministers, would in effect scupper any attempt by Britain to negotiate a special deal for its financial industry to maintain prized “passporting” rights that allow UK-based banks to operate across the EU.

The remarks are some of the starkest yet about the difficult choice facing British negotiators, who may have to pick between retaining access to EU markets or having the freedom to attract business by lowering regulatory standards at home. Mr Dijsselbloem, the Dutch finance minister, was echoing warnings from other EU leaders that the UK would not be allowed to “have its cake and eat it”."

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