Make no mistake about it, if the United Kingdom decides not to join European monetary union, London will suffer as a financial centre.
During the past few months, some senior bankers in the City of London – most notably Stanislas Yassukovich, former head of Merrill Lynch in Europe – have tried to argue that the City’s long tradition as a cross-border financing centre will allow it to thrive regardless.
It is noticeable, however, that these arguments tend to come from bankers who anyway dislike emu for political reasons.
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