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General Court rules against ECB over euro clearing houses

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General Court rules against ECB over euro clearing houses

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“A major win for Britain,” that was British finance minister George Osborne’s reaction to a judgement by the European Union’s second-highest court.

It has ruled the European Central Bank – the ECB was wrong to insist that euro clearing houses should be based in the single currency area. Britain had challenged the policy to defend its financial sector.

The General Court said it annulled the ECB policy which required clearing houses to be located in the eurozone.

Defeat could have seen London’s financial centre losing influence to the eurozone and handing ammunition to anti-EU campaigners ahead of May elections in the UK.