UK, EU to increase cooperation in financial services

The EU and the UK signed a memorandum of understanding to increase cooperation in financial services.

EU Commissioner Mairead McGuinness and British Finance Minister Jeremy Hunt made statements after the signing ceremony of the memorandum of understanding on regulatory cooperation in financial services in Brussels.

McGuinness stated that the UK and the EU have opened a new page in their relations with the Windsor Framework, which they agreed to find solutions to trade problems under the Northern Ireland Protocol.

Explaining that within the framework of the agreement, the financial institution officials in the EU and the UK will meet regularly, McGuinness stated that the regulatory institutions in the two sides will hold talks with each other on issues such as changes, international developments and risks to financial markets.

Pointing out that they want to protect financial stability, market integrity, consumers and investors, McGuinness said that the EU and the UK share challenges such as fighting financial crime, supporting sustainable finance and digital finance.

Hunt, on the other hand, emphasized that global financial stability is in the common interest of both parties.

Reminding that Europe’s largest financial services sector is located in the United Kingdom, Hunt noted that they want to work closely with the EU in this area.