Cooperation Agreement between the EU and the United Kingdom

The European Parliament today approved the Trade and Cooperation Agreement between the EU and the United Kingdom. This agreement is a vital element of the expected memorandum of understanding (MoU) on the financial sector: although final political approval is still pending, the ratification of the agreement creates a solid legal basis with the potential to speed up the process. 

“We see the green light from the European Parliament as a good sign: we welcome the ratification of the Trade and Cooperation Agreement. We finally have a sound basis for the future relationship between the EU and the United Kingdom. Such a basis is urgently needed for cooperation in the financial sector as well. The planned memorandum of understanding must be finalised and published in order to establish a financial dialogue and clarify market access issues. Further delay would be grossly negligent,” said Andreas Krautscheid, Chief Executive of the Association of German Banks.