At the time the euro currency was launched in 1999, concerns existed that the UK’s position as the leading global centre for international financial services might be damaged as a result of not being a founding member of EMU. However, since then, the UK has maintained its position in many global wholesale financial markets has continued and, in some cases, even strengthened. Today, London and the wider UK have the leading share of trading in many international financial markets such as foreign exchange trading (41% of the global total), OTC derivatives trading (49%), cross-border bank lending (17%) and international insurance (22%). It follows that it is in the UK’s interests for there to be a successful single currency in the euro area, and to support it.
In its response to HM Treasury’s call for evidence in response to the Balance of Competences Review – Economic and Monetary Policy, the IRSG sets out the following key messages:
You may also be interested in the IRSG's response to the Balance of Competences Review on Financial Services.
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