European Union ministers pick a new home later on Monday for the European Medicines Agency (EMA), in a race for jobs, prestige and business euros that has pitted neighbours against each other across the continent. As Francis Maguire reports, the EMA and the smaller European Banking Authority are set to leave London, as a consequence of Brexit.
They say 'home is where the heart is'... And clearly, for the European Union, that isn't in London anymore. EU ministers are due to pick a new home for two of its agencies on Monday. The European Medicines Agency and Banking Authority waving goodbye to London with Brexit looming. The right to hold both agencies brings prestige, euros and jobs to whichever city gets hold of them. But not everyone thinks the move will be a major blow for the City. (SOUNDBITE) (English) IG MARKET ANALYST, CHRIS BEAUCHAMP, SAYING: "These regulators they're not the big global investment banks but it obviously sends a message that London will have to shed some of its powerhouse position to other capitals within Europe that Paris Frankfurt or others... I don't think london's pre-eminent position is under serious threat just yet." 18 cities across Europe are competing to host the EMA. Italy hopes its southern neighbours will help Milan win, although Slovakia's Bratislava is also a contender. The Czech Republic is bidding to host the EBA with 7 others - it's hoping less-developed eastern Europe will be given one of the agencies. Competition is fierce but the 27 EU states are keen to avoid any long and bruising dispute. A show of unity key with Britain on the way out of the bloc.