"If Great Britain with its financial center London finally leaves the EU, it will be a heavy loss for Europe. But Brexit must also be seen as an opportunity to build a strong continental European financial market. This is not just an opportunity for Frankfurt to consolidate its leading position thanks to the European Central Bank (ECB) based there.
Other financial centers such as Luxembourg, Paris or Dublin are also benefiting from the relocations and shifts from London to the EU. Instead of getting stuck in competition for financial institutions and jobs, it would be more advisable to think about how the EU's single financial market can be strengthened. The Capital Markets Union plays an important role here. It aims to deepen and expand the free movement of capital in Europe.
Considering the lead of the City of London, which thanks to the Commonwealth can rely on established connections all over the world, we will not be able to catch up that quickly. That would also be the wrong idea. The point is to create a financial market with which Europe can largely take its fate into its own hands."
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