FRANKFURT, Sept 29 The head of banking lobby
group ICMA said on Thursday that Europe must bring Britain into
its plans to push ahead with its capital markets union project
or it will be "substantially diminished".
Speaking in Frankfurt at one of the first major European
capital markets conferences since Britain voted to leave the
European Union in June, Martin Scheck, chief executive of the
International Capital Market Association, said:
"A way needs to be found post-Brexit for Europe to bring the
UK into the CMU (capital markets union) if the initiative is to
achieve the ambition that inspired it in the beginning and for
it not to be substantially diminished."
Earlier this month, the EU sought to breathe new life into
its flagging CMU project by urging the European parliament and
member states to accelerate approval of the reforms.
(Reporting by John Geddie; editing by Dhara Ranasinghe)