ABSTRACT

On almost any measure you care to take, the City of London is the world's leading international financial centre. More international insurance passes through London than anywhere else. There are more foreign banks in London than in any other city. More international security business is done in London than any other centre. If anything, in the 1960s and 1970s London's dominance increased. The City established itself as the centre first of the new eurodollar market; and then of banking's greatest growth area, international medium-term lending.