Published: Tue, November 21, 2017
Worldwide | By Gretchen Simon

European Union agencies will relocate to Paris and Amsterdam in first Brexit shift

European Union agencies will relocate to Paris and Amsterdam in first Brexit shift

Over a dozen European Union member states lobbied vigorously to be the new hosts of the two regulators, which are sought after because of the benefits they bring for local employment, their function as a hub for their industries, and for their prestige.

During voting so tight they were both decided by a lucky draw, EU members except Britain chose Amsterdam over Italy's Milan as the new home of the European Medicines Agency and Paris over Dublin to host the European Banking Authority.

Both are now based in London's Docklands business district but must move when Britain leaves the bloc in March 2019 because EU agencies are not allowed to be based outside the union.

It will be seen as a major win for the city as it competed with some of the continent's biggest life sciences hubs with a previous report issued by KPMG ranking Paris as the favourite to win the bid.

The European Banking Authority (EBA) is to be moved from London to Paris after Brexit, it has been announced.

"The criteria will not only be about the intrinsic qualities of a particular candidacy", said France's EU Affairs Minister Nathalie Loiseau in an interview with the French daily La Croix.

"Organised and getting ready for Brexit".

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Two key London-based European Union (EU) agencies that employ hundreds of people find out on Monday where they will be relocated when the United Kingdom leaves the EU.

The EMA is responsible for the scientific evaluation, supervision and safety monitoring of medicines in the EU, while the EBA works to ensure effective and consistent prudential regulation and supervision across the European banking sector. The EBA is perhaps best known for its regular stress tests on banks in the wake of the global financial crisis.

Member states brought out all the stops to extol the merits of their candidate cities, producing glossy brochures and videos and offering a host of perks.

The Irish government said it was willing to contribute €78 million ($92 million) over 10 years to cover costs, while Vienna promised a children's nursery, and Milan threw in access to a gym.

Copenhagen was eliminated in the second round, but neither Amsterdam nor Milan commanded a majority first-place vote.

In the second and third rounds they had one point each to distribute. If the voting is still tied, the Estonian meeting chairman will then draw lots.

The apparent abstention of one country raised the possibility of a tie, which would be broken by drawing lots.

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