Who will be the main benefactor in a European financial market shakeup?
As we have covered over the last couple of days, the EU appears intent on smashing the monopoly which the London financial markets have held in Europe for some time. Indeed the City of London financial markets are the only main competitor to the massive New York markets which have tended to dominate the world for some time. So who would be the main benefactor in a European financial market shakeup?
There is no doubt that the French and German governments have for some time been looking ominously towards the City of London and waiting for an opportunity to crack the monopoly which it holds. The recent announcement of a flurry of new EU posts has given the French in particular the opportunity to become more involved in financial regulations and we can expect a number of new initiatives to quell the power and the strength of the City of London in particular.
Quite how this will pan out in due course remains to be seen but ultimately do not be surprised if the French and German financial markets are the main winners in any eventual shakeup, with London highly likely to be the biggest loser.
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