‘We’ve got a stable economy’ Germany baits Britain as it tries to poach banks post-Brexit

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‘We’ve got a stable economy’ Germany baits Britain as it tries to poach banks post-Brexit

‘We’ve got a stable economy’ Germany baits Britain as it tries to poach banks post-Brexit
GERMANY’S finance minister today launched a thinly veiled barb at Britain European cities launched simultaneous bids to become the next home of the EU’s banking and medicines regulators.
By Nick Gutteridge, Brussels Correspondent
PUBLISHED: 12:14, Tue, Aug 1, 2017 | UPDATED: 12:47, Tue, Aug 1, 2017

Wolfgang Schauble is Germany’s finance ministerGETTY
Wolfgang Schauble is Germany’s finance minister

Wolfgang Schäuble urged all financial institutions to favour Frankfurt as their new home after Brexit and touted the “stable” German economy as a key plus side of making the move.

His remarks came after new data showed eurozone growth has risen to 0.6 per cent in the second quarter of this year, largely fuelled by Germany, which is twice the rate of the UK.
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Senior European figures have made repeated barbs about the perceived political chaos engulfing Britain in light of the Brexit vote and are keen to highlight data which shows the EU outperforming us.

In all eight cities have applied to become the next home of the European Banking Agency (EBA), whilst a much larger 23 want to be the new hosts of the European Medicines Agency (EMA).

Both bodies are currently located in London and are considered the jewels in the crown of the EU’s regulatory framework, with intense competition expected due to the perceived economic gains they bring the host state.

Backing Frankfurt for the EBA, Mr Schauble said: “The city benefits from the positive and stable economic conditions prevailing in Germany. A decision in favour of Frankfurt would ensure the continued success of the EBA’s work.”

In a clear pitch for UK business, he then added: “This would be true not just for the EBA but for all financial institutions based in the United Kingdom, which would all be welcome to make Germany their home.”

Elsewhere in Frankfurt’s bid Volker Bouffier, the Minister-President of the state of Hesse, already lauds the city as “the most important financial hub in continental Europe and a key centre of financial market stability”.

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Frankfurt benefits from the positive and stable economic conditions prevailing in Germany

Wolfgang Schauble

A number of EU member states, including Germany and France, have angered British officials by making open bids to lure financial institutions away from London after Brexit.

Yet in their bid to host the agency German officials also repeatedly play up its credentials as an English style city, effectively portraying it as a home from home for bankers leaving London.

Earlier this year the EU Commission chief Jean-Claude Juncker caused consternation when he said that English was “losing importance” as a language in the aftermath of the Brexit vote.

But in its bid – itself written in English – Frankfurt says the fact that that “everyday communication can easily be conducted in English” as a key reason for making the move, adding there is “a broad spectrum of international communities, cultural institutions and sports clubs.”
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It also talks up the fact that much of the German cultural scene is conducted in the English language, stating there are “ensembles from 25 different countries stage high-quality English-language productions at the English Theatre”.

Even the city’s mayor, Peter Feldmann, writes in his pitch that the city has an “outstanding English Theatre – the largest English-language theatre on the European continent” for new recruits to enjoy.

Elsewhere in the bid officials point out that both commercial and private rents in Frankfurt are much lower than in London whilst there is a far greater surplus of unused office space.

They conclude: “The blueprint includes sufficient time buffers to ensure that the EBA can launch its operations in Frankfurt by the time the United Kingdom withdraws from the EU in March 2019.”
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