German finance ministry monthly report: Brexit brings opportunity

The German finance ministry came out with its latest monthly report, this time assessing the impact of Brexit on the German economy.

Key Points:

Future relationship with the UK was still unclear

London’s market access was not secured

Germany can offer a good alternative with Frankfurt as one of the leading financial centres in Europe … pointed to the proximity to the European Central Bank and its banking oversight

“The role of Frankfurt as the centre of banking supervision in Europe could be further strengthened and completed by a shift of the European Banking Supervisory Authority, which is still based in London.”

“It is therefore self-evident that the state of Hesse and the federal government are committed to get the European Banking Authority to Frankfurt”