BIS central bankers’ speeches  3  avoid a permanent liquidity trap and the resulting secular stagnation is to promote public or private investment.5 In economies that have sufficient fiscal space, it is indeed hard to see how fiscal expansions at the zero lower bound would not be a positive sum for the global economy.
The City benefits from what are known as economies of agglomeration. In fact, the metropolis on the Thames is often regarded as having its own financial ecosystem.