Alarm Raised by EU Loyalist Over ‘Cliff Edge’ Facing Banks
- EU needs to give stronger assurances on clearing, Danes says
- Finance industry has long warned of urgency on clearing issue
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One of the European Union’s most loyal members is voicing deep unease at the path Brexit negotiations are on.
Denmark, which joined the EU the same year as Britain, is urging Brussels to work much faster to avoid the dysfunction that would ensue if the U.K. crashes out without a deal. A key concern is that the EU still doesn’t have a tenable plan to ensure banks maintain access to vital financial infrastructure in the form of London-based clearing services, according to Prime Minister Lars Lokke Rasmussen.