Will Brexit reverse the centralizing momentum of global finance?

Sabine Dörry; Gary Dymski

doi:10.1016/j.geoforum.2018.02.003

Will Brexit reverse the centralizing momentum of global finance?

Sabine Dörry
, Gary Dymski

Urban Development & Mobility

Research output: Contribution to journal › Article › peer-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 language	English
Pages (from-to)	199-200
Journal	Geoforum
Volume	125
DOIs	https://doi.org/10.1016/j.geoforum.2018.02.003
Publication status	E-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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10.1016/j.geoforum.2018.02.003Licence: Other

1 Article

Hierarchical tendencies, functional specializations, and (in)stability across European banking centers
Musschoot, J., Derudder, B. & Dörry, S., Oct 2023, In: European Urban and Regional Studies. 30, 4, p. 446-464 19 p.
Research output: Contribution to journal › Article › peer-review

Cite this

@article{e303733f205e4e96a4c78c8d76843729,

title = "Will Brexit reverse the centralizing momentum of global finance?",

abstract = "The UK{\textquoteright}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{\textquoteright} 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?",

keywords = "Brexit, City of London, European Union, Financial centres, financial infrastructure, financial regulation and governance, financial stability and instability, global finance",

author = "Sabine D{\"o}rry and Gary Dymski",

year = "2018",

month = feb,

day = "21",

doi = "10.1016/j.geoforum.2018.02.003",

language = "English",

volume = "125",

pages = "199--200",

journal = "Geoforum",