A protester waves a European Union flag outside Parliament after Britain's Prime Minister Theresa May triggered the process by which the United Kingdom will leave the Euopean Union, in London, March 29, 2017. REUTERS/Hannah McKay
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Brexit has forced the European Union to rethink its flagship capital markets union project and urgently look for ways to create an alternative financial market to London, a draft EU document seen by Reuters stated Wednesday. London is the bloc's biggest financial market by far, but will be outside the EU from 2019, posing a challenge to the CMU project that had already begun to flag before last year's referendum in Britain.Britain's Prime Minister Theresa May has said she wants a free trade agreement with the EU that would include financial services, but the document suggests the bloc wants instead to replicate London's financial industry as much as it can.The draft document, due to be discussed by the executive Commission on June 7 ahead of potential publication, said Brexit made it necessary to ensure that businesses remaining in the EU would have access to strong capital markets.
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