Michel Barnier, the EU’s chief Brexit negotiator, has ruled out a special deal for UK banks and the entire UK financial services sector in a free trade deal. This has been echoed throughout the negotiations so far. The UK economy is thriving thanks to its powerful financial services industry which has made London the financial center of the world.

Currency of the state, which is used by the central banks of other countries to create and store cash reserves, as well as for operations on international settlements and investments of foreign countries is called reserve currency.

Does central banks news has impact on market forecasts and thereby cause severe currency fluctuations? Studies suggest that yes, it does. Moreover, currency fluctuations can be caused not only by news on monetary policy decisions, but also by the words on the subsequent press conferences, which capable of causing a strong reaction in the market.

The European Banking Supervision Service announced that 24 large banks have not passed the EU stress tests. In this list: nine Italian banks, three Greek and three Cypriot banks. There were tested 123 banks of the EU member states to identify their ability to withstand another financial crisis.