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Financial News: German Finance Ministry Says Brexit Opens Up Opportunities

German Finance Ministry Says Brexit Opens Up Opportunities For Frankfurt

06/22/2017 - 04:22:00 (RTTNews)

(RTTNews) - While the United Kingdom's exit from the European Union is an "unfortunate" event, it presents several opportunities to strengthen the latter and also location benefits to Frankfurt, the German Finance Ministry said Thursday.

The Brexit offers "an opportunity to strengthen Germany as a business location and, in particular, the financial center Rhein-Main," the ministry said in its latest monthly report.

"As the future relationship with the United Kingdom is still unclear and the market access of London is not secured, the location question for many financial services companies is already present."

The same is true of British universities that are considering opening up branches in the other Member States in order to continue to benefit from EU research programs and to remain attractive to European students, the report added.

"Germany is a stable and attractive location," the ministry said in the report.

"The role of Frankfurt as the center 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 added.

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