London and Frankfurt in Europe's evolving financial centre network

Abstract

The launch of the Euro and the location of the European Central Bank in Frankfurt was initially seen as a threat to London's pre-eminent position in European financial geographies. This paper explains why this was in fact not the case. The paper is therefore divided into two sections. Firstly it reviews the literatures that help to explain financial geographies. It is argued that we need to move away from investigating attribute properties such as financial turnover and instead examine the role of networks and interdependencies in producing financial geographies. Secondly, it identifies London's dominance and Frankfurt's growth as a complementary centre through quantitative analysis and then explains how European networks and interdependencies produce this based on insights from interviews with investment bankers and insurance institution workers in the two cities.

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