François Villeroy de Galhau: Europe's future in global capital markets

Closing remarks by Mr François Villeroy de Galhau, Governor of the Bank of France, at the FESE (Federation of European Securities Exchanges) Convention "Europe's future in global capital markets", Paris, 22 June 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and Gentlemen,

It is a pleasure to be with you today to close this FESE convention. When reflecting on Europe's future in global capital markets, we all agree that the Brexit vote last year has significantly shifted the European landscape. One year on, it is still bad news for all of us, but much worse for the United Kingdom itself, and each day more so. Faced nevertheless with Brexit, we should at least be consistent. And the EU-27 is being so, starting with Mr. Macron and Ms. Merkel: we are hoping for a positive agreement, but there can be no cherry-picking in the single market, and no access without common rules. Furthermore, I'd like to stress two imperatives: first, do not let sources of systemic risks for the EU grow outside the EU; second, speed up the creation of a "Financing Union for Investment and Innovation" to boost productive investment thanks to a better circulation of savings across borders. Let me elaborate on these two imperatives in some more detail.