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EU Court rules against plans to restrict London euro-trading

March 4, 2015 9:02 AM

In a landmark judgement, the EU's General Court has annulled plans by the European Central Bank (ECB) to require companies handling large trades in euros to base themselves in the eurozone, ruling that this would go beyond the ECB's competence.

The case was brought by the UK government, following concerns that the proposals could threaten London's status as Europe's financial capital and undermine the EU's single market.

Liberal Democrat MEP Catherine Bearder commented:

"This ruling confirms the primacy of the single market over the eurozone and strengthens the case for Britain remaining at the heart of EU decision-making.

"Outside the EU, the UK would not have been able to challenge this decision and achieve this result.

"Eurosceptics should admit that leaving the EU would mean losing the ability to defend Britain's economic interests at Europe's top table."