Profit margins do depend on where the transaction takes place. If the City is not included in all the level playing field issues, it will become even more unregulated, almost to offshore levels. Only if the EU takes significant steps to disallow financing based upon such issues, would EU business have to avoid the City.

I don't believe that is presently the case, as EU financial regs remain not tight enough. And would Luxemburg still be allowed? Here's where it would be good to have the view of Jérôme.

All the very best to all of you in the coming year. Onward!


"Life shrinks or expands in proportion to one's courage." - Anaïs Nin