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“There is not going to be any new London in the EU 27. History happened in a certain way. You can’t just lift institutions and drop then somewhere else,” Philip Lane, the head of the Irish  central bank  at an event in London.

“You may well have this fragmented but integrated financial system so location X has a cluster of derivatives trading, location Z has a cluster of insurance etc.”

Lane, a member of the European Central Bank (ECB)  Governing Council, underlined that Europe’s future financial centres may be more fragmented geographically, even if they were integrated as part of a Single market.

Cities around Europe are eager to host the potential new business, including financial centres in Germany, France, the Netherlands, Luxembourg and Ireland.