In particular, it is desirable to make progress on banking union and capital markets union, while also further strengthening the institutional architecture underpinning monetary union. At the same time, the financial integration agenda among the EU27 sits side by side with the impending departure of the UK from the European Union, which will lead to a new configuration of the broader European financial environment.
In particular, the extent and nature of post-Brexit trade in financial services between the EU27 and UK financial systems will critically depend on the outcome of the current negotiations between the EU and the UK. In my remarks today, I will address three topics.