A Memorandum of Understanding on financial services, which sets out plans for UK-EU cooperation, is expected to be signed by Chancellor of the Exchequer Jeremy Hunt during his trip to Brussels this week.
The MoU will officially establish an ongoing forum for the UK and the EU to discuss voluntary regulatory cooperation on financial services issues, according to a press release sent out by HM Treasury on Tuesday.
Both sides will share information, “work together towards meeting joint challenges” and coordinate positions where appropriate on issues ahead of G7, G20 and other international meetings.
“The UK and EU’s financial markets are deeply interconnected and building a constructive, voluntary relationship is of mutual benefit to us both,” said Hunt.
Hunt will be discussing the UK and EU cooperation with his counterparts at the EU Commission.
“This agreement with our European partners as sovereign equals builds on our arrangements with the U.S., Japan and Singapore, helping to support the sector’s role as a global financial services hub,” said Hunt.
(Sofia Stuart Leeson | EURACTIV.com)
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