The EU Clash Over Fishing Rights And Banking Access; European Fight For The Environment In Court

MLex Market Insight

News

4.9 • 9 Ratings

🗓️ 28 May 2021

⏱️ 23 minutes

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Summary

Fish for finance” may sound like a trendy eatery in London’s West End, but it is simply the latest round of post-Brexit animosity between the United Kingdom and the European Union over access to each other’s markets. The case has attracted some public attention — in no small part as a result of London’s decision to send navy ships to protect its territorial waters around the island of Jersey from French fishermen. But the mechanics of the case are part of the dry, procedural side of negotiating Britain’s departure from the EU. Also on this week’s podcast: why European environmentalists are increasingly turning to the courts to pressure governments into climate-change action, and why they’re succeeding.

Transcript

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0:00.0	Yes, we're back. Another week, another instalment of Emlex's podcast covering the biggest regulatory stories from our team of reporters around the world.
0:19.7	This week, a fascinating yarn from our Brussels
0:22.3	office, which looks into how environmental activists are turning to courts across Europe to have
0:28.1	their arguments about global warming listen to and on occasion validated. The human rights-based
0:34.5	lawsuits are having a real and immediate impact on emissions policies in the block,
0:40.1	and as a recent court victory against Shell in the Netherlands may suggest,
0:44.9	the scope of this court action is broadening to take on industry players as well as governments.
0:50.8	Our energy reporter Julia Boudini will be joining us in just over 10 minutes time to bring us up to speed.
0:56.9	First up-up though, fish for finance. No, it's not an upmarket eatery across the road from HSBC's London headquarters.
1:04.5	It is in fact the latest installment of a post-Brexit clash in which access to fishing grounds is being bartered for access
1:12.2	to European financial markets, although even that explanation may be an oversimplification
1:17.9	as we're about to hear.
1:19.8	Fiona Maxwell is a Senior Financial Services Correspondent for M-Mex in London.
1:24.2	Jack Shikler is a Senior Financial Services financial services correspondent in Brussels, and both of them
1:29.2	join me right now. Fiona, given the limitations of my brief introduction just now, let's maybe
1:35.5	start with a definition. What is Fish for Finance? Great. Hi, James. So Fish for Finance
1:41.2	basically refers to when discussions went on between the UK and the EU over Brexit and the future relationship before the UK actually left the block.
1:52.8	So basically there were some really high states items that each side wanted to obtain after Brexit for the EU.
1:58.7	That was fishing rights for its member states.
2:01.6	And for the UK, it was better rights for its member states. And for the UK,
2:07.6	it was better access for its prize city of London. So this kind of fish for finance concept came about, which is that the UK would give up access to its waters, while the EU would grant the UK
2:13.3	preferential access to the bloc's financial markets. That hasn't quite worked out, so the EU managed to
	...

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