Governor of the Bank of England, Mark Carney delivers a speech in the Canary Wharf financial district East in London on April 7, 2017. / AFP / BEN STANSALL
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Bank of England Gov. Mark Carney called on Friday for Britain and the European Union to reach a sweeping deal to recognize each others' bank rules after Brexit, or risk a potentially damaging hit to financial services across Europe. Speaking at Thomson Reuters' London office, Carney said the outcome of Brexit for financial services would be a "litmus test" for global banking rules and warned against the temptation to try to put up barriers to capital flows.European firms that operate in London via EU passports should be prepared to set up separately capitalized subsidiaries in Britain and submit to BoE regulation if Britain and the EU cannot reach a deal, the BoE's top banking regulator Sam Woods said Friday.Prime Minister Theresa May mentioned the importance of reaching a trade deal with the EU that includes financial services as a "crucial sector" when she triggered the two-year process of Britain's exit from the EU last week.Carney said he expected financial services to be part of a "bigger deal" on trade between Britain and the EU.Trump has said that banking rules are holding back U.S. lending, and has ordered a review of regulation, raising concerns that the relatively unified global approach to financial regulation will splinter.
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