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Reuters
A prominent member of the European Union Parliament said that the bloc needs a master plan to transfer euro financial services from London to the bloc if it wants to expand the euro’s role in a global economy dominated by the dollar.
Marcus Ferber added that if the EU wanted to compete with the dollar, it needed a financial system to match it.
“We need a clear and tiered master plan that will help the major firms in the financial sector move from the UK to the European Union,” he said.
Verber made his comments ahead of the planned publication of a European Commission document on Wednesday on strengthening the euro’s global role and identifying ways to reduce dependence on the city of London, the largest financial center in Europe, after Britain’s split from the bloc.
Source: Reuters
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