Germany plans to apply to host the London-based European Medicines Agency and the European Banking Authority after Britain leaves the European Union, Reuters reported.
“Germany is throwing its hat into the ring for both agencies – with Bonn for the European Medicines Agency EMA and with Frankfurt for the European Banking Authority EBA,” government spokesman Steffen Seibert reportedly told reporters.
The EMA is responsible for the EU drug approval process. Much like the FDA, the agency also oversees the safety of medicines once they hit the market. The group has nearly 900 employees and an annual budget of 322 million euros ($340 million).
The EMA is the largest EU institution in Britain, which is likely why 21 of the 27 countries that will form the EU once Britain leaves have expressed interest in hosting the agency.
Seibert added that Berlin hopes to make a deal at the EU summit on June 22nd.
Reuters reported that EU member states will be asked to decide which countries will host the EMA and EBA by October this year.
Countries have until the end of July to submit bids for the agencies. The voting process, which is slated to take place in October, will start with a verdict on the EMA. The country selected to host the EMA will not be able to claim the banking regulator as well, according to the news wire.
Material from Reuters was used in this report.