The EU is relocating 2 of its key agencies from London to Amsterdam and Paris post-Brexit
REUTERS/Francois Lenoir
The European Union is relocating two of its key agencies from London to Amsterdam and Paris post-Brexit.
On Monday, the EU announced following votes that the European Medicines Agency (EMA) will be moved to Amsterdam, Netherlands — an early sign of the potential costs for the United Kingdom of leaving the political and economic union.
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Amsterdam will be the new location of the European Medicines Agency
Background info on the relocation of the UK-based EU agencies: https://t.co/MasW1n0Goh pic.twitter.com/KDbMvmoWRA
The European Banking Authority (EBA), meanwhile, is being moved to Paris.
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Paris will be the new location of the European Banking Authority
Background info on the relocation of the UK-based EU agencies: https://t.co/MasW1n0Goh pic.twitter.com/mG22rNQFIs
The two agencies' relocations will affect almost 1,000 jobs in currently in Britain, and millions in annual funding. In June 2017, following Britain's decision to leave the European Union, the EU agreed unanimously to relocate the two agencies.
There were 27 proposals from 23 cities, and European Union member states voted in Brussels on Tuesday.
The EMA is "responsible for the scientific evaluation, supervision and safety monitoring of medicines in the EU," while the EMBA "works to ensure effective and consistent prudential regulation and supervision across the European banking sector," the EU says.
The vote on the EMA was a draw between Amsterdam and Milan, Italy — forcing the two cities to draw lots, which Amsterdam won, according to Politico.
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This is how the EU finally decided on where to house the European Medicines Agency. Picking a name out of a bowl pic.twitter.com/oFdgNdERwl
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