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Does the City need the euro?

It is becoming fashionable to argue that the City of London will flourish outside the euro. It is also wrong

By Michael Jenkins   July 1999

Britain’s argument over the euro has started to flare up in the City of London. Although it is widely-and correctly-assumed that most big financial institutions are in favour of Britain joining the euro, there is also an articulate opposition which has begun to make its voice heard.

Its arguments are elegantly presented by David Lascelles in a recent pamphlet, “Confidence in the City Outside the Euro” (New Europe). Lascelles attaches great importance to a comment from Rolf Breuer, head of Deutsche Bank, who says: “London will no doubt remain the leading financial centre in Europe outside the euro.” He does…

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