BREAKING NEWS

France takes aim at UK's dominance in euro trade

By REUTERS

DECEMBER 3, 2012 04:19

LONDON - The City of London should no longer be the euro's main financial center so the euro zone can "control" most financial business in the region, France's central bank governor said in an interview published on Monday.

Banque de France Governor Christian Noyer said there was "no rationale" for allowing the UK to be the "offshore" financial hub of the euro zone.

"Most of the euro business should be done inside the euro area. It's linked to the capacity of the central bank to provide liquidity and ensure oversight of its own currency," Noyer told the Financial Times while touring Asia to promote Paris as a trading center for China's renminbi currency.

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