Question

With the UK exiting the European Union, there may be a shift in international finance. London has long been the major financial center in Europe. However, Germany’s economy is larger than England’s. Germany is also a powerhouse in the Euro Zone. If London’s financial prowess declines, a new financial center may arise. The purpose of this paper is to recommend a new financial center for Europe. A new financial center means that a student cannot pick a current financial center. Likely candidate cities would excel in the ways people evaluate cities

Answer 1

There is a very likely chance that Germany would now become the new financial center. As the financial firms will look for new cities to operate from, Dublin and Frankfurt seem to be identified as the potential centers that could replace London.

Frankfurt especially has many advantages which make it very likely to be the new financial centre. Firstly, it is located in Germany which is an economically and politically stable economy. Secondly, European Central Bank and other institutions are already located in Frankfurt.

Frankfurt city government is also very keen to make it the financial hub because that would lead to an increase in employment opportunities.