The French capital has just been named as the new host city for the European Banking Authority (EBA). The European banking regulator, along with its 170 members of staff, will relocate to Paris in 2019 following the UK’s withdrawal from the European Union.
The result was announced after a vote in Brussels, where Paris beat Irish capital Dublin to the post. German rival Frankfurt, home to the European Central Bank, came third in the running. Other cities that had applied to host the EBA included Luxembourg, Brussels, Warsaw and Vienna.
The French capital’s latest victory highlights Paris’s many key strengths, including its central location on the European continent and excellent transport links, and underpins the city’s status as a major financial center. Paris is already home to the European Securities and Markets Authority (ESMA), one of the two other European financial supervisory bodies. This news puts Paris in a good position to attract other financial businesses to the French capital over the coming months.
The European Banking Authority serves as an independent European Union authority that works to ensure an effective and consistent level of prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to ensure the integrity, efficiency and orderly functioning of the banking sector. Further information can be found on the EBA website.