Macron plans to take revenge on the UK for fishing with finance
The clash between the UK and France over access to British fishing waters – a controversial issue that nearly scuttled the post-Brexit trade deal – escalates and France has apparently decided to go for a tough attack on the UK. United.
Last week, French officials threatened to cut electricity to the UK-controlled island of Jersey, while a "protest" organized by French fishermen nearly sparked a clash between British and French naval vessels. Now, France is threatening to do everything in its power to derail an EU deal that would expand access to European markets for UK financial firms.
In line with threats made by a French diplomat last week, Bloomberg reports that French diplomats are working to block a deal that would help restore some of British financial firms' access to European markets, a right that was lost when Brexit came. it officially came into effect following the end of the transition and the beginning of 2021.
While it would not have much practical effect in the short term, reaching a Memorandum of Understanding between the UK and the EU on plans to reintegrate their financial systems is seen by the UK as a key first step in restoring the level of access. previous one. Negotiations in Brussels later this month will bring EU leaders together to deepen the discussion of a potential market access deal. To be sure, the EU has said it is in no rush to restore the reciprocity rules that would restore commercial rights for UK financial companies.
By the end of March, Britain and the EU had agreed on a text on cross-border access to financial markets. While granting so-called equivalences that would allow UK financial firms to work in Europe remains a separate and unilateral process, the MoU, Letter of Intent, would help speed up the process. Otherwise the British banks will be forced to open offices and branches on the continent to be able to operate there.
All 27 EU states must sign a Memorandum of Understanding before it can be implemented. BBG says talks could begin in the next few days, but if the Brits still refuse to distribute fishing licenses for the waters around the island of Jersey by then, they can expect the French to do everything in their power to block. the talks on the memorandum of understanding.
The waters around Jersey with the positions of British and French ships (Bloomberg)
France accused the British government of reneging on some of its promises from the Brexit agreement by refusing to grant licenses to French fishermen in some British-controlled fishing waters, mainly those off the island of Jersey, which lies close to the French coast. This could be Macron's costly revenge
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The article Macron thinks of taking revenge on the UK for fishing with finance comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/macron-pensa-di-vendicarsi-del-regno-unito-per-la-pesca-con-la-finanza/ on Wed, 12 May 2021 22:32:45 +0000.