Brexit Finance Shift to France to Accelerate, Central Bank Says
- Bank of France head sees chance to improve financial structure
- Europe needs to set up its own including clearinghouses
Commuters near the Grande Arche monument in the La Defense business district in Paris, on Jan. 4.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
The shift of jobs and assets to Paris after Brexit will accelerate this year, providing Europe with an opportunity to strengthen its own financial infrastructure, according to Bank of France Governor Francois Villeroy de Galhau.
Financial institutions had transferred about 2,500 jobs and 170 billion euros ($206 billion) worth of assets to France as of the end of 2020, with further relocations expected, Villeroy de Galhau said in an online speech on Tuesday.