City ultimately holding back UK-EU divorce
Growing Euroscepticism has been nurtured by the Euro-crisis management and City financiers are rejoicing their independence from the financial mess in Europe. Still the huge European market to which the City plays as broker to the rest of the World is of extreme importance for London. Cyprus shows that there is a war for the survival of global financial centers. Frankfort will certainly be upgraded in the near future and City will have to fight for its role as the financial capital of Europe that has assumed to this date. Yet the interdependence between City and Europe, as the authors indicate “EU banks hold £1.4tn of assets in the UK, about 17 per cent of the country’s total bank assets.” Is a serious guaranty against any thoughtless divorce?