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  HOME | Business & Economy (Click here for more)

Amsterdam, Paris to Host EU Medicines, Banking Agencies Post-Brexit

BRUSSELS – Amsterdam was selected on Monday to host the European Medicines Agency (EMA), while Paris won the right to be the new home of the European Banking Authority (EBA) following Brexit, officials said.

The EMA and EBA are currently headquartered in London and must move due to Britain’s decision to pull out of the European Union.

The Dutch capital fended off competition from the Danish capital, Copenhagen, and Milan, Italy, in a second and third round of a complicated voting session at the General Affairs Council in Brussels.

“Amsterdam will be the new location of the European Medicines Agency,” the European Council tweeted.

Many cities across the bloc initially entered bids to host the EMA, but favorites Barcelona and Vienna failed to make it past the first ballot, while Dublin and Malta dropped out of the running.

Paris, for its part, beat out Dublin for the right to host the EBA.

The French and Irish capitals tied 13-13 following the third and final round of voting, and Paris won when lots were drawn to break the deadlock, EU officials told EFE.

Frankfurt had also vied to be the new home of the EBA, but it was knocked out of the competition in the second round of voting.

The German financial center, where the European Central Bank (ECB) has its headquarters, was the favorite to host the EBA heading into the voting on Monday.

Together, the EMA and EBA employ more than 900 people and attract thousands of specialists to their host cities each year, making them a much sought-after prize.

Serving a market of some 500 million people, the EMA regulates medicine standards across the EU, while the EBA monitors the bloc’s financial stability by conducting stress tests of financial institutions.

No city can host both EU agencies.

 

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