June 24 2016

German Banking Industry Committee regrets Brexit vote – German financial marketplace robust

The German Banking Industry Committee (GBIC), made up of the five leading banking-sector associations, regrets the vote by the British people in favour of leaving the EU. The EU should now quickly establish clarity on how the Brexit negotiations are to proceed. It also needs to find an answer to the ever louder criticism of the EU and its institutions.

In GBIC’s view, a clearer-cut layering of competences in the EU is the right response to the UK referendum. This includes, in particular, emphasis on the subsidiarity principle, cohesion of responsibility and liability, strict compliance with jointly adopted rules, plus a willingness on the part of member states to assume more individual national responsibility again.

Supervisors, central banks, as well as politicians and the German banking sector, are prepared for all eventualities. GBIC expects the situation on the financial markets to stabilise after the inevitable initial slump in prices.

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