Financial Centers in Europe – What is the Perspective? Cover Image

Финансови центрове в Европа – каква е перспективата?
Financial Centers in Europe – What is the Perspective?

Author(s): Iordanka Stateva
Subject(s): Economy, Supranational / Global Economy, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: financial centers; euro clearing
Summary/Abstract: After Britain’s decision to leave the European Union, a new situation has emerged, where smaller European financial centers are struggling to attract, in practice to deprive London at least of 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. It means fragmentation of the financial services industry and EU will not have a financial center of global dimensions and scope like London in the foreseeable future. The most important question is about the competitiveness of the financial industry of EU without London and to the greatest extent it depends on financial technologies and innovations.