London is one of the main financial centers of the world. If the EU proceeds in this manner it will contribute significantly to continuing demise of the UK as well prop up the EU as it continues its ascension to becoming the financial power of the world (Revelation 18:3)
The European Union plans to give itself powers to move euro clearing business away from London’s financial sector to the EU after Brexit and adopt a model closer to that operated by the US.
It could also threaten thousands of jobs in the City of London, the industry has cautioned.
The European Central Bank and euro zone policymakers have long wanted control over euro clearing.
They said it is core to the single currency area’s financial stability and would be outside the EU’s regulatory sphere once Britain leaves in 2019.