London May Lose Access to EU's Single Market Amid Brexit

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London may be expelled from the single EU goods and services market unless it commits to implementing of all its rules.

MOSCOW (Sputnik) — The City of London may lose access to the single European Union's market in goods and services unless it would commit to implementation of all its rules, member of the Governing Council of the European Central Bank Francois Villeroy de Galhau said Saturday.

"It would be a bit paradoxical to leave the EU and apply all EU rules but that is one solution if Britain wants to keep access to the single market…There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," de Galhau told France Inter radio.

On Thursday, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

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