英國金融業 與歐盟關係可參考瑞士模式

The City of London has given up hope of universal access to the EU single market and is now seeking a bespoke deal for its different sectors to trade with Europe, with similar but stronger ties than Switzerland.

倫敦金融城(City of London)已放棄了保留全面進入歐盟(EU)單一市場權利的希望，如今開始尋求爲其不同行業與歐洲達成一份定製協議，實現一種類似但強於瑞士與歐盟關係的安排。

The City has come to the conclusion that a deal for the UK to emulate Norway’s relationship with the EU is very difficult both politically and practically. Norway has access to the single market but no say in how regulations are set. It must both accept free movement of people and make budgetary contributions.

倫敦金融城得出結論，英國與歐盟若想達成類似挪威與歐盟之間的關係，在政治上和實際中都很難辦到。挪威可以進入歐盟單一市場，但在規則制定中毫無發言權。該國必須接受歐盟人員自由流動，並繳納預算分攤額。

Instead, there is a preference for a unique trade deal, building on Switzerland’s arrangement.

相反，倫敦金融城更傾向於以瑞士與歐盟之間的安排爲藍圖，達成一份獨特的貿易協議。

A task force of grandees, chaired by Shriti Vadera, the chairman of Santander UK and a former Labour minister, is close to embracing this judgment. The group has already been provided one blueprint, a 110-page document prepared by the British bankers' Association, advised by Clifford Chance and Global Counsel, the advisory outfit founded by Lord Mandelson, the Labour peer.

一個由桑坦德銀行英國分行(Santander UK)董事長、工黨前政府的部長級官員什裏蒂•瓦德拉(Shriti Vadera)領銜的重要人士特別委員會，接近於支持這一看法。在高偉紳律師事務所(Clifford Chance)和曼德爾森勳爵(Lord Mandelson)創立的諮詢機構Global Counsel的建議下，英國銀行家協會(BBA)撰寫了一份110頁的藍圖文件，並提交給該特別委員會。

“There needs to be a bilateral deal providing as full two-way market access as possible,” said Anthony Browne, chief executive of the BBA, who has been part of Ms Vadera’s task force. “Both sides have an interest in making this work, as it is not in the interests of the other EU countries to be cut off from their main financial centre, especially at a time they are all seeking to boost economic growth.”

“我們需要一份提供最大程度上保證雙向市場準入的雙邊協議，”上述特別委員會成員之一、英國銀行家協會首席執行官安東尼•布朗(Anthony Browne)說，“這一點對雙方都有利，對其他歐盟國家而言，被切斷與其主要金融中心的聯繫不符合它們的利益，尤其是在它們都在尋求提振經濟增長之際。”

Mr Browne cited Switzerland’s trade deals with the EU that give some sectors, such as life insurance, full two-way access to the single market via a so-called passporting deal in return for keeping its regulation at an equivalent level to that in the bloc.

布朗提到了瑞士與歐盟達成的貿易協議——通過一項所謂通行證協議，人壽保險等行業獲得了對歐盟單一市場的完全雙向准入待遇，同時瑞士的監管規定在歐盟獲得了對等地位。

Swiss banks do not benefit from any such trade deal, meaning they must do most of their EU capital markets business from their London subsidiaries.

瑞士的銀行並未從任何這類貿易協議中受益，這意味着，它們必須通過其倫敦分支機構完成大部分的歐盟金融市場業務。

But the City, which was overwhelmingly in favour of remaining in the bloc before the June 23 referendum, will argue that because the UK is the biggest export market for the rest of the EU it should be able to negotiate a beefed-up version of Switzerland’s arrangement.

但在6月23日脫歐公投之前仍絕對贊同英國留歐的倫敦金融城將主張，由於英國是歐盟其他國家的最大出口市場，英國應當有能力通過談判達成加強版的瑞士與歐盟協議。

Many financiers are reluctant for their ideas to be branded as “Swiss plus”, not least because Swiss politicians are frantically seeking ways to preserve their EU trade deals as they become increasingly contentious in Brussels.

許多金融家不願他們的主張被貼上“瑞士+”的標籤，重要原因在於，瑞士政客們熱衷於想辦法保留其歐盟貿易協議，在布魯塞爾引起了越來越大的爭議。

A likely obstacle to achieving the type of bespoke trade treaty that many in the City are pushing for could be an EU demand that the UK accepts freedom of movement of people from the bloc as a condition of keeping any single market access.

若想達成倫敦金融城很多人正在爭取的那種定製的貿易協議，一種可能障礙在於歐盟的要求：英國只要保留進入歐盟單一市場的權力，就必須接受歐盟人員自由進入英國的條件。

Given how passionately many Brexit supporters want to control immigration, they are unlikely to accept the type of arrangement that Switzerland and Norway have in effect accepted by joining the Schengen passport-free travel area.

鑑於許多脫歐支持者是那麼強烈地希望控制移民，他們不大可能接受瑞士和挪威通過加入《申根協定》而實際上接受的那種人員流動安排。

The biggest fear for many City grandees is that financial Services could face a “cliff-edge” moment if the UK leaves the EU without a trade agreement in place, cutting off access to the single market overnight. This has prompted some to call for a transition agreement to allow more time for groups to adjust.

令倫敦金融城許多重要人士最擔心的是，如果英國脫離歐盟時並未達成一份貿易協議、一夜之間失去進入單一市場的權利，那麼金融服務業可能面臨“跌落懸崖邊緣”時刻。這導致一些人呼籲達成一份過渡協議，讓金融集團獲得更多的調整時間。

There are fears that even if an acceptable deal is struck between the UK and Brussels, it could be scuppered if one of the 27 member states rejects it, as happened in April when the Netherlands voted in a referendum to rebuff a planned EU free-trade accord with Ukraine.

有人擔心，即便英國與歐盟之間達成了一項可以接受的協議，但如果歐盟27個成員國中任何一個拒絕批准，那麼該協議也可能化爲泡影，正如今年4月荷蘭在一次公投中投票反對一份計劃中的歐盟-烏克蘭自由貿易協定那樣。

Both the BBA and Ms Vadera’s task force — known as the European Financial Services Chairman’s Advisory Committee — have spent hours examining what access the City would have to the single market without a bilateral trade deal to replace EU membership.

英國銀行家協會和瓦德拉領導下的特別委員會，花了幾個小時研究一個問題：如果沒有一份雙邊貿易協議來接替英國的歐盟成員國身份，倫敦金融城對歐盟單一市場擁有何種准入權力。

They have found that many areas of the industry — such as cross-border lending and corporate deposit-taking — would be left without access to EU customers. Their work mirrors a parallel assessment being made by the Treasury.

他們發現，金融行業的許多領域——比如跨境貸款和企業存款——將無法接觸到歐盟的客戶。他們的結論跟英國財政部的一份相同主題評估的結果類似。