4 March 2015

  |  CBI Press Team

News

CBI responds to clearing houses ruling

The CBI responded to a ruling by the European Union General Court annulling the European Central Bank’s (ECB) policy that clearing houses must be based in the single currency area.

CBI responds to clearing houses ruling

John Cridland, CBI Director-General, said:

“This is a landmark judgement upholding the EU's single market, setting the boundaries of what the ECB can do to support the Eurozone without the agreement of non-euro member states.

“As our biggest market, it is in the UK’s interest for the Eurozone to take necessary steps to strengthen the currency union, but that integration cannot and should not compromise the principle of the single market.

“As the race for shares of global financial markets intensifies, we need to protect our competitive advantage and this ruling gives certainty that financial services should flow freely within the EU without restrictions, which is good for the UK.”