European Parliament must have a say in future locations of agencies, say S&Ds

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Euro & Finance
The Socialists and Democrats led today in the plenary a vote to relocate the European Banking Authority from London to Paris after Brexit.
S&D Group spokesperson on economic and monetary affairs and co-rapporteur, Pervenche Berès MEP, stated:
“Today’s vote on the relocation of the European Banking Authority (EBA) to Paris is a victory for the European Parliament and for us Socialists and Democrats.
“The EBA, currently located in London, needs to stand ready after Brexit, whatever the outcome of the current negotiations and the profile of the future relations.
“We, S&Ds, have been at the forefront of the battle against financial crimes and will continue to fight for enhanced supervision of banks and closer cooperation and exchange of information between member states. The EBA is a key player in regulation and supervision of the banking sector, and its foreseen future tasks are critical when it comes to fighting money laundering and terrorism financing. This is why there should be no disruption in the functioning of the Agency and that we need to ensure a smooth transfer for its staff to Paris.
“We pushed tirelessly and managed to be involved the future decision of the location, in spite of strong resistance from the European Council. As representatives of the citizens, we must have a say when the lives of hundreds of staff are being affected. The Council cannot act alone. The Parliament must be appropriately involved in the future location decisions as well.
“This is why we successfully called for a revision of the 2012 Joint Declaration setting the rules for the establishment of European agencies. The criteria are no longer valid, especially when it comes to location. We need to update it taking into consideration the developments that have taken place.”