During the financial crisis, fragmentation along national borders became even stronger. Its financial centres are competing with each other for market shares, tax revenues and jobs. They do not pool their expertise and resources to face global competition, but instead serve regional needs and niches.
Individually, each of the larger continental European financial centres has at least some of the factors needed to become a global financial centre – just not enough. Take market liquidity, for example. Supply and demand are not available in the required quantities to be able to offer the entire range of products.