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France, Germany will divide EU regulation after UK leaves, magazine says
June 22, 2017 / 12:22 PM / a month ago

France, Germany will divide EU regulation after UK leaves, magazine says

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FRANKFURT, June 22 (Reuters) - Germany and France have agreed to divide regulation of banking and drugs between them after Britain leaves the European Union, the German magazine WirtschaftsWoche reported on Thursday, citing anonymous EU sources.

Under the agreement, the European Banking Authority (EBA) would move from London to Frankfurt and the European Medicines Agency (EMA) would move to Lille, the magazine said.

EU states earlier this week locked horns over moving London-based EBA and EMA after Brexit, a test of unity for the 27 remaining members, most of which have expressed interest in hosting them.

Germany and Ireland are among the states that have said they will apply to host both bodies, though diplomats say no country will get both.

A final decision is expected in October after the EU states vote, first on the medical, then on the banking authority. (Reporting by Maria Sheahan, editing by Larry King)

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