Finance minister, Pierre Gremagena wants to avoid a "cliff edge" Brexit and a closed single market
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Speaking on CNBC on 2 May 2018, Luxembourg finance minister Pierre Gramegna said that we must avoid a “cliff edge” Brexit result, adding, “there is still a lot of work to be done on a technical level.”
He was pleased to note that meaningful discussions between the UK and the EU27 have begun and that the European Central Bank (ECB) and the Bank of England have established a technical committee to look at how Brexit will impact financial services.
“There is still a lot of work to be done on a technical level…it is in the interest of both sides that we ensure financial stability to protect our customers,” he said.
Gramegna mentioned that the possibility of enhanced equivalency measures is being looked at as a possible solution going forward and warned, “We must also avoid ring-fencing the EU single market, we must remain open.”