Financial Centers in Europe – What is the Perspective?

Iordanka Stateva
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Iordanka Stateva: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2019, issue 2, 5-20

Abstract: Following Britain’s decision to leave the European Union, a new situation has emerged, where smaller European financial centers are seeking to attract, in practice to deprive London of at least a part of its financial business. The main competitors in this respect are Frankfurt, Paris, Luxembourg, Dublin and Amsterdam. The result most probably will be a network of smaller financial centers, which as a whole is meant to substitute London, leaving the Union. This means fragmentation of the financial services industry, leaving the EU without a financial center of global dimensions and scope like London in the foreseeable future. The most important question concerns the competitive power of the EU’s financial industry without London and it, to the greatest extent, depends on financial technology and innovations.

Keywords: financial center; euro clearing (search for similar items in EconPapers)
Date: 2019
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