Will Brexit reverse the centralizing momentum of global finance?

Sabine Dörry, Gary Dymski

Research output: Contribution to journalArticlepeer-review

Abstract

The UK’s EU referendum, in calling for separation from cross-border entanglements, marked a caesura in the intensive integration project of the European Union (EU). A key facet of this three-decade-long effort has been the integration and harmonization of financial trading and services at EU international financial centres (IFCs). The process of harmonizing global finance – that is, those financial activities that involve counterparties in two or more countries – has been occurring worldwide, compelled both by the increasingly severe financial crises of recent years and by these centres’ exponentially rising financial volume/capacity. The Brexit vote has generated substantial uncertainty about the future of global finance in Europe. Yet does this vote constitute the beginning of a reverse trend away from the globalization of financial activities?

Original languageEnglish
Pages (from-to)199-200
JournalGeoforum
Volume125
DOIs
Publication statusE-pub ahead of print - 21 Feb 2018

Keywords

  • Brexit
  • City of London
  • European Union
  • Financial centres
  • financial infrastructure
  • financial regulation and governance
  • financial stability and instability
  • global finance

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