There’s been a lot of speculation in recent months over how the City of London will fare after the UK’s separation from the EU, including in articles I’ve written for Wolf Street (like this one and this one). But according to German Economics Prof. Richard Werner, the City of London is already outside the EU, since its non-democratic system of governance, which gives corporations a direct vote in elections, and separate sovereign status disqualify it from the EU’s basic membership rules. Personally speaking, I’m not entirely sure how true Werner’s assertion is but it certainly raises some very interesting questions, not least of all:
How can the City of London be a member of the EU if its system of governance contravenes the basic rules on EU membership?
Would be great to hear from anybody who knows more on this issue. In the meantime, here’s the full interview Werner gave to Renegade Inc earlier this year, which is definitely worth 15 minutes of your valuable time: