[25]  Chart 9 Bank loan volumes of fringe firms relative to the total market since the policy hike (ratios to overall market developments)  Sources: ECB (CSEC, AnaCredit, RIAD), Orbis and ECB calculations.
An open question is whether the decentralisation of the European financial system will impose significant efficiency costs. Once a location is established as a dominant financial centre, there are many selfreinforcing factors that help it to maintain a hegemonic position.