Speaking at the City Week ‘The International Financial Services Forum’ at Guildhall, London, Mr Bailey said that UK and EU authorities should come together and work to reduce the risks to financial stability that Brexit could pose.
He said that the current EU equivalence regime doesn’t best suit any of the parties, adding that “mutual recognition seems to be eminently achievable”.
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Mr Bailey also responded to arguments that financial stability could be preserved through limiting access to financial markets.
“In my view, closing access to financial markets which are global not regional will undermine not enhance financial stability,” he said.
“It will reduce the potential for financial markets to support growth and trade, impair innovation and limit the ability to manage risk, and thus make the overall financial system more fragile.”
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