Goodby London: EU votes on Monday on new seats for EBA and EMA

HANNAH MCKAY

A woman walks in front of London's financial district Canary Wharf in London, Britain, 14 December 2016. Tens of thousands of banking jobs could be lost to continental Europe from next year if ministers do not agree a transitional deal on single market access with the EU, a Lords report on financial services after Brexit is expected to warn.

Goodby London: EU votes on Monday on new seats for EBA and EMA


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The countdown has started for secret ballot that will determine which city will succeed London as the seat of the European Banking Authority (EBA) and the European Medicine’s Agency (EMA).

These to decisions will be made in a secret ballot on Monday. Last week, EU leaders used the Summit in Goteborg for last minute lobbying.

When it comes to the EBA, Luxembourg has very few chances, according to Luxemburger Wort. The frontrunners according to most reports are Dublin, Frankfurt, and Vienna. The city that will secure the seat of the EBA becomes a point of reference for the whole spectrum of financial service industry. Although the organization itself comes with 180 top jobs, it also carries the promise of foreign direct investment in public relations, consulting, legal and accounting services.

According to The Sunday Times, Vienna has the advantage of being Europe’s new centre, after enlargement, with local banking playing a key role in the financial integration of Eastern Europe. Frankfurt is the natural regulatory capital, being the seat of the European Central Bank, according to Bloomberg.

Betting firms give Frankfurt the best odds.

More than 19 cities have been bidding for the seat of the European Medicines Agency. The EMA comes with more than a thousand good jobs and, more importantly, the promise of billions in foreign direct investment. Moreover, the EMA holds more than 500 scientific meetings a year, which means at least 36,000 high profile visitors a year.

The frontrunner for the EMA appears to be Milan, with Dublin also being a strong contender.

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