The DP finance minister told reporters on Thursday that the European Central Bank and Bank of England should investigate an “equivalence” regime after the UK leaves the European single market, according to Reuters.

That would let British financial firms continue to operate on the continent post-Brexit.

Third-country equivalence is given on a limited basis to countries outside the bloc. The European Commission has issued several equivalence decisions--in the accounting, banking and securities trading sectors, for example--covering Canada, Japan, Hong Kong, Singapore, Switzerland and the US, among other jurisdictions.

Equivalence is different from the “passport” which gives EU member states unrestricted access to the rest of the bloc.

Gremega was speaking on his way into a meeting of euro area finance ministers in Brussels. His full statement, per Reuters, was:

“I think that equivalence in the field of financial services could be an interesting idea that we really need to deepen and we need to make sure that we continue to discuss both to find solutions to have smart access on both sides.”

He also stated:

“Equivalence is something that has been used with third countries exceptionally and that’s why it needs to be widened and enhanced and that’s what has been agreed and we think that’s a good route... We support that it should be looked at.”

Instead of equivalence agreements, the British government has proposed forming a bespoke free trade area with the EU.