Germany’s finance minster warns against “punishing” Britain and losing out on the City
The merits of the Square Mile should lead Europe to offer a “reasonable” deal on Brexit, according to Germany's finance minister.
Speaking to German newspaper Tagesspeigel, Wolfgang Schauble warned against seeking to “punish” the British for the decision to leave the EU.
“We want to keep Great Britain close to us,” Schauble said.
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“The London financial centre, for example, serves the European economy as a whole.
“London offers financial services in a quality that is not found on the continent. That would change a bit after a split, but we have to find reasonable rules here with the UK.”
Schauble's comments come after European leaders gathered in Malta for an informal summit on migration, with Prime Minister Theresa May reiterating her message that it remains in the interests of the UK for the European Union to succeed.
Read More: The City's importance to Europe helps the PM
May's tone was welcomed by German Chancellor Angela Merkel who told reporters at the summit: “I am pleased that Theresa May says that she wants a strong Europe.
“It's up to us, as the 27, to determine how strong and how good and how rigorous Europe is and how we solve our problems – and Germany wants to do its part on that.”