Regulatory Framework While not a cliff-edge risk as such, Brexit has already started to have an effect on financial services regulation and supervision in Europe. London is a truly global financial services centre operating within, and serving a very material amount of the financial services needs of, the EU.
BIS Review 44/2005  1  History teaches us not to put credibility at risk for unsecure and short-lived gains with respect to other economic goals. However, what is needed in all areas of economic policy - on a national, European and international level - is a permanent reform process that contributes to further peaceful integration and a stable development of our societies.