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24 June 2003

Heidelberg Financial Location Study in the "Euro Test"

Study by geographers from the universities of Heidelberg and Loughborough on London and Frankfurt as international centres of finance has a bearing on decisions by the British government — Euro has no detrimental effects on the financial services sector in the UK

A study on Frankfurt and London as international centres of finance conducted jointly the geographers from the universities of Heidelberg and Loughborough (UK) is quoted extensively in the British chancellor of the exchequer's recently published paper on the pros and cons of joining the euro. In five so-called "economic tests", the British government had weighed up the economic advantages and disadvantages of joining the European currency. Four of the five operative criteria were judged to be not yet fulfilled. The only test with a positive result was the one concerning London as a financial centre.

The part-study published by the Treasury on the effects of the euro on London as a financial location takes its bearings from the research results provided by geographers from Heidelberg and Loughborough. On the basis of numerous interviews with experts in London and Frankfurt, the study part-funded by the Anglo-German Foundation for the Study of Industrial Society concluded that the introduction of the euro has had only minor repercussions on the relative standing of these two financial centres. With or without the euro, London's position as the leading financial location in Europe is unchallenged. The bilateral study emphasises above all the complementary character of the relations between London and Frankfurt, which ultimately benefits growth in both cities.

In February 2002, the authors of the study were invited to present their findings to HM Treasury for discussion.

Part-study "The Location of Financial Activity and the Euro"
http://www.hm-treasury.gov.uk/documents/the_euro/assessment/studies/ euro_assess03_studnorfolk.cfm

Results of the German-British study:
Jonathan V. Beaverstock, Michael Hoyler, Kathryn Pain, Peter J. Taylor (2001): Comparing London and Frankfurt as World Cities: A Relational Study of Contemporary Urban Change. London, Anglo-German Foundation for the Study of Industrial Society.
http://www.agf.org.uk/pubs/pdfs/1290web.pdf

Please address any inquiries to
Michael Hoyler
University of Heidelberg
Institute of Geography
phone: 06221/544588, fax: 544996
michael.hoyler@urz.uni-heidelberg.de
http://www.geog.uni-heidelberg.de

For more general inquiries (media):
Dr. Michael Schwarz
Press Officer of the University of Heidelberg
phone: 06221/542310, fax: 54317
michael.schwarz@rektorat.uni-heidelberg.de
http://www.uni-heidelberg.de/presse/index.html


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