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Wednesday 20.03.2019 | Name days: Made, Irbe
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Latvian EC Commissioner invites businesses to prepare for all Brexit scenarios

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUBusinesses and supervisors should prepare for all possible Brexit scenarios, said Deputy Chairman of the European Commission on Financial Stability, Financial Services and Capital Market Union Valdis Dombrovskis participating in the ongoing finance forum City Week in the UK.

EC’s main priority is supervising risks and uncertainties that will surface from upcoming changes, said Dombrovskis, adding that there are two risks.

This first risk is associated with existing uncertainties about Brexit. He explains that an agreement has been reached in regards to the general text that covers multiple major parts of the future Brexit agreement, including the transition period. Nevertheless, there are still matters that require discussions so that the agreement can be reached regarding management of Ireland’s borders and Brexit in generation, said Dombrovskis.

«As the vice-president responsible for financial stability, I ask all sides – businesses and supervisors – to prepare for all possible scenarios. EC provides support where possible. Our published reports help financial services industry predict possible consequences from losing operational rights. Businesses affected by Brexit have to decide on their own how it will affect their business model,» said EC Vice-President Dombrovskis.

The second risk, according to him, is associated with EU’s future relations with Britain. Until now Britain and other EU member states supervised risks together by establishing common rules. The European Court guaranteed that all rules are applicable to all financial service providers from all member states, said Dombrovskis.

With Brexit, Britain will no longer be part of the system, reminds the EC commissioner, adding that this means each side will have to develop and realize their own rules to protect investors and ensure financial stability.


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