City welcomes UK’s ECB lawsuit

The City of London Corporation yesterday welcomed government action to sue the European Central Bank over plans to force clearing houses to move to Europe. Policy chairman Stuart Fraser told City A.M. it was vital that European legislation was “underpinned by sound economic reasoning rather than using the recent crises as an excuse to build barriers to cross-border trade.” Fraser said the UK must guard against attempts to split European countries from the Eurozone but said he was hopeful a pragmatic solution could be found.