Economics

German central bank chief warns City of London on 'hard Brexit'

British banks risk losing their automatic right to trade in EU states as the country leaves the European Union, Germany's central bank chief said in an interview out Monday.

19.09.2016

(AFP) British banks risk losing their automatic right to trade in EU states as the country leaves the European Union, Germany's central bank chief said in an interview out Monday.

Jens Weidmann suggested that if Britain left the European Economic Area (EEA) -- a group of 31 European Union and other European states which allows them to be part of the single market -- it could mean financial services companies moving elsewhere.