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'There is no other London – it can still be the financial capital of Europe
The Observer
|May 18, 2025
One of Brexit's least discussed casualties was the Capital Markets Union (CMU).
Launched in 2014, the project aimed to knit together the EU's fragmented financial markets, with London as its undisputed centre.
But when the UK left, that vision was significantly undermined. Not because the goal was wrong, but because the response was.
Rather than rethink the model, Europe fell into a struggle over who would take London's place. The question blinded us to reality: there is no other London.
No city on the continent offers the same scale, depth or gravitational pull for financial markets.
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