Nevertheless, the financial centre of Luxembourg could benefit from Brexit. Nothing is so bad that it also has its good sides, says a proverb. In the case of Brexit, this could apply to the Grand Duchy of Luxembourg. The financial centre Luxembourg could be next to Dublin, Paris and Frankfurt, one of the profiteers of the British EU-exit.
First of all, the Luxembourg policy and the economy, have regrets the decision of the British voters deeply. Luxembourg’s head of government Xavier Bettel has commented that British vote for withdrawal from the EU is clear: “We accept the decision of the British people. But as Europeans, we would have seen it better if the Referendum had a different outcome,” he said on Friday in Luxembourg. Bettel added that the British had submitted to a kind of divorce application. “Now, the divorce process begins. Because you can not divorce and still stay married.”
Opportunity for the financial center
Luxembourg foreign Minister Jean Asselborn hopes “that it’ll very quickly reach an agreement with the UK on the practicalities of leaving the EU”. Haste is required under the Luxembourg Tageblatt of the economy. The Luxembourg banking Association ABBL calls planning security: Now, it is important to clarify quickly, as the procedure of withdrawal is going to happen. Long negotiations without a clear output would make for uncertainty, warns the ABBL. The EU, as well as the markets need a framework that makes long-term Planning possible.In this direction, the Association of the investment Fund industry argues Alfi: It is now a question of finding practical ways for the implementation of the decision taken. Quick decisions are not important, so as to prolong the period of uncertainty, writes the Association.
Especially the City of London with its financial institutions is likely to get the outlet to feel. The winner could be Frankfurt, Paris, Dublin and Luxembourg. In London’s financial sector, around 700 000 people work. Should move of only one percent after Luxembourg, came 7000 Bankers to the region, and would promote even regional real estate market. That London City loses its appeal, is clear.
“In the case of a withdrawal of Britain from the EU, the authorities of the Euro are not able to tolerate the Zone longer, that a large proportion of financial transactions made abroad,” said former Vice-President of the ECB, Christian Noyer. It is the classic foreign exchange trading, as well as important up-and-volume contracts. In addition, some banks and corporations are considering to adopt from London. UBS is planning your move to the European headquarters as possible new locations for the European headquarters, Frankfurt, and Luxembourg to be traded. Is speculation about a migration of HSBC and JPMorgan with their headquarters from London to Luxembourg.
But first Minister Jean Asselborn summarizes the shock of yesterday, the Luxembourg foreign: “This is a sad day today. We have lost a lot. And I also believe that the UK has lost much.” It is important that the EU make Serious with one-time decisions: “Otherwise, it may happen that many people in other countries of the European Union have similar thoughts as in the UK – and we must prevent it.”