Frexit: Expert fires warning about leaving euro
When you subscribe we will use the information you provide to send you these newsletters.Sometimes they’ll include recommendations for other related newsletters or services we offer.Our Privacy Notice explains more about how we use your data, and your rights.You can unsubscribe at any time.
Due to the UK leaving the EU, the Bank of England will withdraw from the European System of Central Banks (ESCB). It holds 14.3 percent of the European Central Bank’s (ECB) capital, which 3.75 percent is paid up. This is equivalent to £49.79million (€58million).
This amount will be repaid by the ECB under the terms of the Withdrawal Agreement between the UK and the bloc.
But now, Charles-Henri Gallois, President of Generation Frexit, attacked the bloc arguing the EU is costing France “a lot of money!”
He tweeted: “Banque de France must compensate for the withdrawal of the Bank of England from the European System of Central Banks (ESCB) after Brexit.
“Cost of the operation: 250 million euros!
“The EU is costing us a lot of money!
His comments come after it was revealed France’s paid-up capital has increased by 1,643,212,694 following Brexit since 2020.
According to reports, the ECB will keep its subscribed capital at around €10.8 billion after the Bank of England leaves.
The current share of the Bank of England in the ECB’s subscribed capital, which stands at 14.3 percent, is set to be reallocated among both the euro area national central banks (NCBs).
It is believed the subscribed capital will be recalculated based on each Member State’s share in the overall total population and gross domestic product (GDP) of the EU.
Currently, euro area NCBs pay 100 percent of their subscriptions to the ECB’s capital, while non-euro NCBs pay just 3.75 percent.
According to the ECB official website, since the shares of the euro area NCBs will increase, this will increase the ECB’s paid-up capital from €7,659million in 2020 to €8,880million next year.
EU economic crisis: Businesses could quit Brussels bloc [INSIGHT]
EU order Lord Frost to ‘wake up’ after he accused Brussels of sulking [REVEAL]
Brexit LIVE: Sunak readies talks on £185bn global trade agreement [COMMENT]
Across the bloc, Euroscepticism is on the rise and anti-EU forces in France, Spain and Italy were previously urged to form a new Brexit-style political party.
Back in January, anti-EU campaigners in France, Italy and Spain were in talks to draft a joint manifesto and abandon the Brussels project once and for all.
This came after Mr Gallois revealed he is teaming up with Italexit, Espexit and other anti-European Union campaigners in the continent, to launch a joint programme against the Brussels bloc.
Mr Gallois told Express.co.uk: “I’m for Frexit but this is not only a Frexit project.
“The conditions to the EU membership have changed a lot since the Maastricht Treaty as it would be quite normal if you’re a democrat, as the conditions change to consult the people and ask if they still want to stay or not within in the European Union.
“We have this big platform, this big project about a referendum on Frexit just as the British had a referendum on Brexit.”
The French eurosceptic explained only a referendum would allow for a proper debate on the cons and pros of the European Union.
Presidential elections, as well as European Parliament elections, would not be enough to address the big issue, he argued.
Following the UK’s departure from the bloc, the former EU Brexit negotiator warned there was “always a risk” other countries could leave the bloc amid growing “anger” against Brussels across the continent.
He added the EU has to prove membership of the bloc was worthwhile.
Additional reporting by Maria Ortega
Source: Read Full Article