Francois Hollande could hardly have been clearer in his intentions. In the immediate aftermath of the 2016 vote that took the UK out of the European Union, the French president was adamant that the City of London would have to lose one of its most important strategic assets, the right to clear trades denominated in euros.
‘The City, which thanks to the EU was able to handle clearing operations for the eurozone, will not be able to do them,’ he thundered. ‘It can serve as an example for those who seek the end of Europe…It can serve as a lesson.’
In reality, like so many of the EU’s threats, it was just bluster
It is hard to see much wriggle room there. And indeed, just to be sure no one missed it, the pledge was repeated endlessly by senior EU officials, and by the European Central Bank. And yet, now it turns out that the matter is not quite so clear cut.Yesterday,
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