EU to calm Brexit rivalry

The EU wants to avoid Brexit turf wars by extending its oversight of financial services.

The move follows a complaint by Financial Services Minister Eoghan Murphy that other EU countries were undercutting Ireland in a bid to woo banks and insurers from the UK.

“Already now, we actually hear some signals that, with the UK leaving the EU, some member states are accusing others of lax enforcement of common rules,” European Commission vice-president Valdis Dombrovskis told reporters yesterday.