According to the British executive director, the agreement will establish a forum between the two parties, scheduled to be held twice a year, to address these issues of bilateral interest and evidence, according to experts, of London’s desire to work more closely with the regional bloc.
According to the Chancellor of the Exchequer, Jeremy Hunt, the consolidation of the constructive link is beneficial to both parties, because the financial markets of Great Britain and the European machinery were closely interconnected before 2020.
This MoU appears in the UK-EU trade and cooperation agreement, after the country lost unfettered access to EU countries’ markets as a result of Brexit.
The document does not refer to the London Consensus on regulation, but rather represents a commitment by the parties to a regular meeting twice a year to discuss “voluntary regulatory cooperation on financial services issues,” the text notes.
In this sense, they will exchange information and work together to address global challenges and coordinate common positions.
Recently, the United Kingdom and the bloc signed up to the Windsor Framework, with the aim of facilitating the passage of goods into Northern Ireland from Great Britain, by reducing the number of controls needed.
RO / dg
“Subtly charming bacon junkie. Infuriatingly humble beer trailblazer. Introvert. Evil reader. Hipster-friendly creator.”