By fully exploiting the possibilities and potential of current and future information technology, it might be possible in future to overcome distances in space and time almost without any losses in directness and efficiency in the financial markets, too. This creates a totally new opportunity for the geographically fragmented continental market. But – my third step – how to seize those opportunities?
4 Many stakeholders will have to join forces In a competitive environment, a leading role as a global financial centre is not set in stone. Looking back over the past three centuries, the balance of power has clearly shifted among Europe’s financial centres. For instance, in the 18th century, it was Amsterdam that held the leading position for a long time.