'Bad news for Theresa May!' Macron scores new victory as Banking Authority moves to Paris
THE BREXIT-fueled relocation of the EU bank regulating authority to Paris is "bad news" for Theresa May as Britain prepares for the next round of Brexit talks, a political professor has claimed.
The decision to move the European Banking Authority (EBA) headquarters to Paris after Brexit marks another victory for French President Emmanuel Macron as he seeks to become an EU heavyweight while German Chancellor Angela Merkel deals with the collapse of government coalition talks.
Political philosopher Thom Brooks said: "With the problems Theresa May has been having at home – with a weak minority government – we look across to Europe.
"With Angela Merkel having trouble, other problems with other European countries, and Macron looking strong it’s not a good time want to negotiate new things with Europe when Europe has many other things on its plate."
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Speaking to RT UK, Prof Brooks said the decision to relocate the EBA to France could be a real "headache" for Prime Minister Theresa May because of Mr Macron's europhile inclinations.
He said: "The real problem here – the real headache for the British Theresa May with Macron – is that Macron ran on a platform of being very pro-European.
"He is very much a Europhile and supportive of greater coordination of Europe, Europe coming closer together. So again, bad news for the Prime Minister."
It was thought the EBA would go to an Eastern European nation after another EU agency, the European Medicine Agency, went to Amsterdam after a coin toss against Milan.
The EBA sets rules and regulations for banking, used by the European Central Bank to carry out tests of the banking sector within the EU.
It has been located in London since its creation in 2011, but will now relocate across the Channel before March 2019, when Britain is set to quit the bloc.
Despite fierce competition for the privilege of hosting the institutions, European leaders are keen to avoid tough disputes and show unity as Brexit threatens to fracture the bloc.
President Macron made post-Brexit business lobbying a key part of his presidential campaign in the hopes to boost jobs and investment in France.
He welcomed the victory of the EBA bid, writing on Twitter: "Paris will welcome the European Banking Authority! This is the recognition of French attractiveness and European commitment. Happy and proud of our country."
