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BRUSSELS, April 27 (Reuters) - The European Central Bank and the Bank of England will set up a joint technical working group to study risk management around the day Britain leaves the European Union, the European Commission said on Friday.
The work would be separate from negotiations on Brexit, focusing on the impact on financial services of the fact that Britain will cease to be an EU member at midnight at the end of Friday, March 29, 2019. Should Britain and the EU conclude a treaty on the withdrawal, current terms would mean that EU law would continue to apply in Britain until the end of 2020.
The new group will be chaired by ECB President Mario Draghi and Bank of England Governor Mark Carney, the Commission said. They will report regularly to the Commission and Britain’s Treasury, which both asked for the group to be established.
“Other relevant authorities will be invited on an issue-specific basis,” the statement added. “The primary responsibility to prepare for Brexit remains with market participants.” (Reporting by Alastair Macdonald; editing by Robert-Jan Bartunek)