56

Brexit was not just a major political upheaval, it has also led to profound transformations in financial services due to their importance for the smooth functioning of the Europeans and British economies, and to the interlinkages between them. Furthermore, for the European Union, Brexit is without doubt an unprecedented opportunity to assert its financing autonomy, increase its resilience with a polycentric financial system relying on european market infrastructures and establish itself as a leader in innovation. However, this does not mean a step back from ties and dialogue with the United Kingdom: a close coordination with British authorities, especially in areas of regulation relating to systemic or global risks, is of the ultmost importance to avoid fuelling the risk of harmful regulatory fragmentation. Classification JEL : F36, F38, F65, G18.