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Wed, 05 Sep 2018 13:18 - Updated Wed, 05 Sep 2018 13:16

Merkel vows to strengthen Germany's position as financial center

FRANKFURT-- Chancellor Angela Merkel sent a message of strengthening Germany's position as a financial center on Tuesday evening, when attending an event by German marketplace organizer for securities trading Deutsche Boerse in Frankfurt.

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"We will do everything we can to support the state of Hesse, to enable attractive conditions for Germany as a financial center," the German Chancellor said.

As the largest city in German state of Hesse, with around 63,000 people working here in approximately 200 financial institutions, Frankfurt is one of the world's most important financial centers and the gateway to Europe's largest economy.

It is widely believed that Frankfurt will significantly benefit from Brexit even if the city obviously is in fierce competition with other metropolis in the European Union (EU) like Paris, Amsterdam, Dublin etc. However, the "harsh" legal framework and regulation affect markedly interest of financial institutions in migration of their business and staff from Britain to Germany.

"Work is already underway on this regulation," said Merkel. In fact, progress has been made in the easing of dismissal protection for top earners in banks, which has been taken into consideration in the "grand coalition" agreement between Christian Democratic Union (CDU) and German Social Democrats(SPD).

In addition, Merkel underlined the great potential for Frankfurt in euro clearing.

"Politically, I can explain to everyone that euro clearing is taking place in the Eurozone, and then, of course, Frankfurt is the outstanding place," she said.

As regards Brexit negotiations, Merkel reiterated her stance that the goal to reach an agreement with Britain must be achieved on the condition that "a non-EU member can not have the same rights and obligations as a member of the EU."XINHUA.

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