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International Financial Centres after the Global Financial Crisis and Brexit$
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Youssef Cassis and Dariusz Wójcik

Print publication date: 2018

Print ISBN-13: 9780198817314

Published to Oxford Scholarship Online: August 2018

DOI: 10.1093/oso/9780198817314.001.0001

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A Tale of Resilience in the Crises

(p.83) 5 Frankfurt
International Financial Centres after the Global Financial Crisis and Brexit

Eike W. Schamp

Oxford University Press

The European banking crisis and the subsequent euro crisis triggered considerable shocks in Germany’s financial world which fully revealed the weaknesses of the German banking sector. Changing regulation and the low-interest-rate policy from the European Central Bank put the bank’s business models into question. Furthermore, delays became apparent in the improvement of Frankfurt’s sector-specific infrastructure. Frankfurt’s resilience in the crises results from the entangled agency by various actors at local, national, and European levels. Employment in the financial sector at large remained rather stable. Frankfurt increased its role as a European centre in bank and insurance supervision and considerably improved its infrastructure in higher education and research as well as in the digital economy. Although still fragile in various aspects, Frankfurt may become a potential winner on the European continent from the forthcoming Brexit.

Keywords:   banking crisis, European sovereignty debt crisis, European Central Bank, regulation, resilience

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