Fearful of EU Disintegration and Mired in Crisis, France Wants Britain Punished for Brexit Revolt

But a majority of the French want out of the EU too!

As support for a British exit from the EU strengthens, at least according to thelatest polls that give some people whiplash, policy makers on both sides of the English Channel are finally beginning to think about the days, weeks and months after June 23. Some countries, such as Germany, seem more inclined to favor a soft, pragmatic approach in the event of a Brexit, while others, led by the government of France, are calling for a more punitive response.

As originators of the phrase “Pour encourager les autres,” (to encourage the others), it is fitting that France is leading calls for Brussels to punish the UK if its public has the temerity to vote to leave the EU. Among the measures under discussion are to expedite Britain’s removal from all EU treaties rather than let negotiations drag on, as well as restrict the “passporting” of financial services, which allows foreign-owned companies to do business with the EU via offices located in Britain.

“I would be very tough [on this point],” said Sylvie Goulard, a French MEP who sits on the committee for economic and monetary affairs. “I see no reason to give passporting to a country that decides in a sovereign way to leave the EU… The day the U.K. leaves … you cannot consider the British supervising authority as an authority of the EU.”

Such a response could have a devastating impact on the UK’s core industry, financial services

Continue reading the article at WOLF STREET

 

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