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.

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