Brexit Talks Must Be Quick, City Of London At Risk Of Losing ‘EU passport’: ECB’s Villeroy

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said on Saturday, adding London's financial center was at risk of losing its prized "EU passport."

Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU.