London challenges New York as global financial hub

Before the launch of the euro, the British spent a lot of time worrying about whether the City of London financial district would lose out to Frankfurt and Paris.

But the people who should have been worrying weren't Londoners but New Yorkers. For what has been happening is more interesting, and less expected, than a battle between European financial markets.

It is this: Since the euro was introduced in 1999, London has consolidated its position as the main European financial centre and turned

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