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.
As of the 19th century, London began to emerge as a leader 6/9  BIS central bankers' speeches  driven by Great Britain’s position as a colonial power.