Since it will play a greater role in any of the remaining, realistic scenarios, how can we best administer this – that is to say, what should we expect to be ring-fenced in both jurisdictions, and what shouldn’t? You see, this remains an open-ended process.
The key takeaways are that two sovereign regulatory jurisdictions will emerge, that free cross-border trade in financial services will be rather limited, and that the remaining options all require further analysis and thought. No matter which direction we take, our decisions will have an indirect, albeit substantial impact on other third countries to the EU. But how?