Bids In As EU Fires Gun On Race To Lure Bank Watchdog

02 August, 2017, 00:40 | Author: Ora Austin
  • GettyOnly five EU member states vying for the EMA have actually visited the premises

The revelation came as it emerged that EU countries are hugely divided over which cities will host the European medicine and banking agencies when they leave London.

Eight cities have applied for EBA, which employs 160 people and writes and coordinates banking rules for the bloc.

Races for the jobs and prestige associated with hosting European Union agencies often become heated, but this diplomatic contest risks weakening the unity of the EU's 27 remaining states in the midst of delicate two-year Brexit talks that started in March.

All candidate cities will now be evaluated and a decision will take place on 30 September by the European Commission.

Amsterdam, Athens, Barcelona, Bonn, Bratislava, Brussels, Bucharest, Copenhagen, Dublin, Helsinki, Lille (France), Milan, Porto (Portugal), Sofia (Bulgaria), Stockholm, Malta, Vienna, Warsaw and Zagreb (Croatia) are vying for the medicines agency.

The German financial hub of Frankfurt is the frontrunner for the EBA, followed by Paris, Luxembourg and Prague, while Brussels, Dublin, Vienna and Warsaw have also bid.

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Nineteen cities are bidding for EMA, which has almost 900 staff and acts as a one-stop-shop for approving and monitoring the safety of drugs across Europe.

The victor will be selected using a complicated points system that officials have compared to the Eurovision song contest.

Accessibility and efficient infrastructure are the top two agreed criteria.

A certain geographical balance in the distribution with other agencies of the European Union will also have to be respected.

A political discussion in October will precede the private vote in November. Each member State will have six points to distribute during the first round of voting: three for his first choice, two to his second, one for third. This includes about 40,000 hotel stays for visitors each year.

Citigroup, Bank of America and Morgan Stanley and Barclays have indicated in the last month they are finalising plans to set up subsidiaries within the EU.

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