Page 59 - Ekonomija i Biznis_juli-avgust 2016.indd

ECONOMY

(photo: http://blog.politics.ox.ac.uk/)

the effects from the possible exit from the EU will largely depend
on the free trade agreements between the United Kingdom and the
EU. One of the possible options in the negotiations is to provide ac-
cess to the common market through the membership in the EEA. An
alternative approach would be to follow the so called Swiss mod-
el, that is, conclusion of a bilateral agreement with the EU

the financial industry including the quite certain that the financial regula-
qualified workforce, the other finan- tions should be based on the same
cial and legal services, and the devel- principles as the European legislation.
oped market infrastructure. This is so considering that the EU in
the free trade agreements, which they
It is obvious that the eventual deci- conclude with the remaining coun-
sion to leave the EU would have an im- tries in the world, practices the rule of
portant impact for the financial sys- reciprocity and applicability of specific
tem in this country, however it would minimum standards in order to allow
have a significant reflection on the ap- the right to access to its market.
pearance of the large financial system Therefore the effects from the possi-
as we know it today. It is obvious that ble exit from the EU will largely de-
the benefits are negligible and, pri- pend on the free trade agreements be-
marily, these would be in the domain tween the United Kingdom and the
of the independent regulation of the EU. One of the possible options in the
financial market beyond the EU direc- negotiations is to provide access to the
tives. On the other hand, the risks and common market through the member-
the negative effects on the financial ship in the EEA. An alternative ap-
system, thereby on the total economy, proach would be to follow the so called
are very large. Even if one speaks that Swiss model, that is, conclusion of a
the exit will provide independent reg- bilateral agreement with the EU.
ulation of the financial market, it is

July-August 2016 59