Replace and replicate the banking infrastructure that is in Great Britain... One of the financial capitals of the world for the last 200 hundred years. What experience does Jérôme Kerviel have in maintaining global currency, insurance, stocks, bonds, etc? None. Nor do the French have the people to do it, or the capital. What infrastructure do they have in place to pull off this marvelous feat?? Nothing/Zilch/Nada.
Switzerland and Luxembourg have the infrastructure to give it a run, but it won’t happen without the people or capital to pull it off.
The Euro as a currency is probably dead in the water in the next 8 to 14 years, no government outside of the EU is adding the EU to it’s reserve baskets currently. Britain will not loose its banking status, no matter how hard the EU cries. The EU is a socialist joke that is dying for many reasons. That was before they brought in the Soros/Merkel Muslim hoard. Now it is worse!
This is not a one man or government job. Your comment is naive at best.
Much Respect!
Founded
you mean 200, not 200 hundred, right :)
Ok, jokes aside, this is very plausible - remember that the banking industry in the UK is primarily London and London replaced the great Italian banking houses because London was the center of free trade and the Italian city states were boxed in by enemies
Today if London closes itself off from the EEC (European Economic community) it loses a lot of what made it a financial hub
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Remebmer that London was pre-eminent as THE financial hub in the 19th century but lost the top spot to New York as New York started funding expansion not only in the USA but also in the rest of the Americas
And since the 1980s it has faced increasing competition from Hong Kong, Singapore and Dubai.
Hong Kong would have replaced both London and New York if there wasn't the fear of Xi, while Dubai is still a bubble. But look at Singapore
Anyway, back to replacing London as the hub for European financials - yes, not only very plausible but it is likely that London will not be pre-eminent especially if the Euro clearing houses have to move out of London and also it gets more expensive to provide funding in London.
but I don't see Paris replacing London on its own -- what I see right now is that London is already losing business -- a lot of operations are moving to Dublin, Cork and Warsaw (massive IT movements from the UK to Warsaw, Łódż, Wrocław and Kraków as well as to Cork) and big clearing house operations and bankers to Frankfurt and to a lower extent Paris
Oh and Santander has made the banking scene in Madrid really exciting while in the Nordics the innovations they are doing for fintech threaten to destroy much of the basic banking world
There's not going to be one replacement for London and London will not die like Genoa, Pisa and Sienna did as banking centres BUT London will not be the 800 lb gorilla - rather, it will still be large but matched by Frankfurt, with Paris close behind.
As someone who has worked in Switzerland and worked with Luxembourg based clients, I can tell you that this statement is wrong
Both have strong points as niche banking centers but they have nowhere near the breadeth AND depth that London and definitely not enough people (Swtizerland is too damned expensive to house most of your staff) had until 2015
Neither does Paris or Frankfurt, I'll grant you. But London's pre-eminence is going post Brexit. Who would they provide services to? Fortress EU? Nah, locked out. Russia? Nah, the Russian embargo means more Russian oligarchs will look at Cyprus. Asia? Nah, Singapore, HK and Dubai already are strong and getting stronger. The Americas? Nah, New York is too tough
The Euro's demise has been talked about for years -- its not going to happen. Don't get me wrong, I think it is very flawed and I don't want Poland (where I reside now) to join it - but the Euro is not going to be dead in 8 to 14 years. 2012 proved that
The Euro is already the second most widely held reserve currency after the dollar and ahead of the pound and the Swiss Franc
No country is ADDING it because they've already added it -- the share of the $ and the Euro as the worlds reserve currency over the past 5 years has held at 65% and 20% respectively.
Britain is already losing its banking status. As I mentioned above, it is not losing it to one rival but to a bunch of rivals. Brexit will only make the decline faster. London is not going to fall but rather fade and become one of the largest banking areas in Europe (at best) rather than the supreme unchallenged champion it was in 2015.
I agree that the EU is a socialist joke. But it isn't dying
And I agree that the Muslim horde is a problem hitting Germany and Sweden, but you do know that Brexit was more about keeping out the Eastern Europeans, not the Muslim migrants,right?
The UK was already keeping them out at Calais.