The rise of Frankfurt means Germany has even more power

Frankfurt is sweeping aside rivals to become the dominant financial centre of the European Union after Brexit, a triumph that threatens to entrench German hegemony and profoundly upset the EU’s internal balance of power…

Germany’s top bankers told a high-level forum in Frankfurt that the city had already won the post-Brexit prize as Paris, Amsterdam, and smaller financial hubs are mostly left with crumbs, consolidating its hegemonic position as the locus of the European Central Bank and the eurozone’s monetary machinery.

Carsten Kengeter, head of Deutsche Boerse, said the Hessian city promises to be the “massive winner” following British withdrawal from the single market, warning that Paris cannot even count on securing euro clearing business if it leaves London

The emergence of Frankfurt as the pre-eminent player is unsettling for the City of London…Yet it is also unsettling for France and other EU states that fear the emergence of an overmighty Germany that disturbs Europe’s delicate equilibrium, ultimately to the point where it threatens the survival of the EU itself.

Read The Full Article At The Telegraph