||Economic & Market Considerations: Europe's Rising Financial Power
Wall Street dominated global financial markets from the late 1980s through the 1990s. Now London is moving to center stage. New York may have more funds under management and a higher market capitalization, but London is getting more initial public offerings, it leads in currency trading and cross-border banking, and, most important, it is growing faster than New York on almost all accounts. New York Mayor Michael Bloomberg and senior U.S. Senator Charles Schumer argued in July 2007 that the country must act now to preserve its leadership in financial services. Even with decisive action, however, they admit that New York will continue to lose ground given the powerful forces for change.
- Size and Leadership in Global Financial Markets
- Investments and Opportunities
- Causes and Consequences
- A Deeper Transatlantic Relationship
Download this brief (PDF)