The City of London should be deposed as the euro’s main financial centre so the single currency club can “control” most financial business in the eurozone, France’s central bank governor has said.
Christian Noyer, governor of the Banque de France, said there was “no rationale” for allowing the euro area’s financial hub to be “offshore”, in a blunt assessment that will fan UK concerns over EU rules being rigged against it.
“Most of the euro business should be done inside the euro area. It’s linked to the capacity of the central bank to provide liquidity and ensure oversight of its own currency,” Mr Noyer told the Financial Times.
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