Brexit was on everyone's mind on Friday 5 April, and even travelled to Bucharest, where European finance ministers were gathered for an informal meeting.
The announcement of British Prime Minister Theresa May's request to postpone her country's exit date from the EU until 30 June (see other news) came during the Eurogroup meeting.
The subject was not formally on the ministers' agenda (see EUROPE 12229/26). When asked on his arrival at the meeting about a possible extension, Eurogroup President Mário Centeno said that this was a political issue not for European finance ministers but for the European Council on 10 April. "The role of finance ministers is rather to prepare for all scenarios", he said.
Later, at the end of the morning working session, he indicated at a press conference that the ministers had reviewed their level of preparedness in the event of a no-deal Brexit. “A gathering of Euro area members finance ministers on this date cannot ignore developments regarding Brexit”, he said.
“Member States have prepared national contingency measures in financial services. Overall, European and national contingency measures cover all systemic activities [...] Nevertheless, such measures can neither replicate the benefits of EU membership nor compensate any lack of private players preparations. And needless to say, we want to avoid this scenario”, explained the Eurogroup president.
The Commission is said to have made an inventory with the ministers of all contingency measures in the event of a United Kingdom exit without an agreement (see EUROPE 12136/10), including in the customs field (see EUROPE 12228/8), which would be particularly affected, said Pierre Moscovici, European Commissioner for Economic and Financial Affairs.
Benoît Coeuré, member of the Executive Board of the European Central Bank, also considered that the risks to financial stability in such a scenario were limited. “There has been an excellent preparation by the public sector on both sides of the Channel and by the private sector”, he said.
The Chairman of the European Parliament's Committee on Economic and Monetary Affairs (ECON), Roberto Gualtieri, who attended the Eurogroup meeting, welcomed the request for an extension and the fact that the British government is starting to prepare for the European elections, leaving more “options open”.
On Twitter, however, he said that June was not a meaningful date and that a one-year extension, as suggested by European Council President Donald Tusk, would be more appropriate.
For the French Finance Minister, Bruno Le Maire, the United Kingdom must explain the reasons that would justify an extension. “If we are not able to understand the reasons why the UK is asking for an extension, we can’t give a positive answer”, he said upon his arrival at the meeting.
“I don't believe that there will actually be a Brexit", said Romanian Minister Eugen Orlando Teodorovici, still hoping for a final vote rejecting Brexit or a new referendum on the UK's membership of the EU. (Original version in French by Marion Fontana)