Marina Yannakoudakis MEP supports government’s efforts to save City clearing houses

Yesterday the Treasury announced plans to take the European Central Bank to the
European Court of Justice over the ECB’s threat to companies based outside the eurozone trading in euro-dominated financial instruments.

Marina Yannakoudakis, Conservative Member of the European Parliament for
London, expressed her support for the Treasury’s legal action.

Mrs. Yannakoudakis said: “I am glad that the UK government is standing up for
the interests of the City of London. The ECB’s policy on euro clearing houses is
an attack on London as a financial centre. It is illegal and unfair and I support
the government’s efforts to see the decision overturned”.

“This is the latest in a series of assaults on the City of London. I hope that the
government will be just as up-front in resisting French and German Plans to
pay for the eurozone crisis with a Financial Transaction Tax. I and my fellow
Conservative MEPs have repeatedly voted against this tax. Labour and the
LibDems continue to support what would ultimately be a tax on the City and a
threat to the economic prosperity of the capital.”

The ECB’s proposal, which was published in July, would require clearing houses
dealing with over 5% of the market in euros to be based in the eurozone. The City of
London handles 43% of the world’s &ldquolover the counter” derivatives trade.