Andreas Dombret, Bundesbank: “make sure the transition is as smooth as possible”.
(Source: BBC – 27 February 2017)

In an interview with the BBC, Andreas Dombret – member of the Executive Board at the Bundesbank – said that any risks to financial services would not just be in the UK. He said: “”I see risks not only for London; I see risks for Germany and for the rest of Europe, should there be an impact of Brexit on economic circumstances it will not be concentrated on Great Britain it will be also in the rest of Europe”.

He went on to note that any shift in activity might not be to other European financial centres: “”They may not all necessarily go to Europe, maybe some of those job losses could go to the United States.”

Finally, he argued for a deal that would minimise any disruption in the transition: “I see it as my job to make sure the transition is as smooth as possible, and we, I can promise, will be as pragmatic as possible.” He generally argued against a confrontational approach: “”By no means does it make sense to penalise the United Kingdom”.