European Financial Centres Discuss The Future
Monday February 21 2011 | 06:52 AM

Representatives from Jersey met with a round table grouping of major European finance centres in Brussels on February 17, 2011, to discuss the changing outlook for International Financial Centres in Europe.

The meeting, which was held in the building where the Channel Islands' Brussels Office is located, was attended by representatives from EU finance centres including Frankfurt, Munich, Holland, Paris, Madrid, Luxembourg, Sweden and the City of London. Talks covered a number of issues including future EU plans regarding the regulation of financial services and the competitiveness of European financial centres.

Jersey was represented by Director of International Affairs, Tom Walker, along with colleagues from Guernsey. Discussions were also held with the European Banking Federation, and with the Cabinet of European Commissioner for Internal Market and Services, Michel Barnier.

Walker said: "These were helpful discussions in explaining the importance of the Channel Islands to the European financial system and the vital role we play in providing liquidity. We were also able to emphasize the need to balance increased EU regulation with continued market access for jurisdictions like the Channel Islands that achieve equivalence with EU standards.”

The Channel Islands' Brussels Office is expected to be fully operational at the end of April. The government said it will be organizing further meetings to develop relationships with EU regulators and representatives of other major European finance centres.