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ECB weighs "action" to control foreign clearing of euros, says Mersch
May 18, 2017 / 12:43 PM / 6 months ago

ECB weighs "action" to control foreign clearing of euros, says Mersch

FRANKFURT, May 18 (Reuters) - Euro zone central must consider “action” to maintain control of euro clearing that happens outside the European Union after Britain’s decision to leave the EU, a European Central Bank director said on Thursday.

“The UK’s recent decision to leave the EU has called into question the ability of authorities such as the Eurosystem to ensure they can continue to adequately control the impact of offshore clearing activities while maintaining the stability of their currency,” Yves Mersch said at an event in Luxembourg.

“I want to reiterate the need to reflect on whether recent geopolitical events require the Eurosystem to take action to ensure that we continue to adequately control the impact of offshore clearing activities on the stability of our currency,” he added.

The Eurosystem includes the ECB and the euro zone’s 19 national central banks.

Reporting By Francesco Canepa

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