, Columnist
Bankers and Hedge Funds Will Always Love London
By fixating on control of the euro markets, Europe will miss the bigger prize.
Banging the drum for the City.
Photographer: Jack Taylor/Getty Images EuropeThis article is for subscribers only.
The power of 27 countries against one is often cited as the reason why the European Union will prevail in Brexit negotiations with the U.K.
But the logic reverses when you think about what might happen to the City of London after Britain’s departure, and whether Europe’s other cities can challenge its primacy in finance. For financial services, having a single, centralized one-stop shop like London makes more sense than having a gaggle of disparate mini-centers such as Paris, Frankfurt and Amsterdam. In this instance, being alone is a strength.