LONDON(Reuters) – Britain and the European Union may need to flesh out some kind of intermediate arrangement to ensure central bank cooperation and maintain financial stability after Brexit, Ireland’s central bank governor said on Tuesday.
“The maintenance of financial stability necessarily requires considerable bilateral and multilateral collaboration across major central banks,” Philip Lane, also a member of the European Central Bank’s Governing Council, said at an event hosted by the London Irish business society in London.
Currently central banks within the EU cooperated more on financial stability than was possible through multilateral bodies like the Bank for International Settlements, and Lane said he hoped this would continue after Britain left the EU.
“Let us see if some intermediate-level arrangements between the UK and the EU will be delivered through the upcoming EU-UK negotiations,” he said.
Lane did not address monetary policy issues in his initial remarks.
((Reporting by David Milliken and John Geddie); ((email@example.com; +44 20 7542 5109)))