The German finance minister has given the City a strong vote of confidence ahead of Brexit negotiations, saying it's in the EU's best interest that London remains a strong financial centre after Brexit.
Wolfgang Schaeuble said he would want to negotiate a deal in which the City remains a centre of finance as any move to send operations abroad would cause a huge upheaval.
"I am convinced that for Europe as a whole - and I'm not sure this will be very beloved in Paris - it's in our own interest to have a strong financial centre in London," Schaeuble said in a keynote speech at the Institute of International Finance Conference in Frankfurt.
Naturally, Schaeuble sold Frankfurt as an alternative for international banks looking for an EU base post-Brext, but he added London should keep a key role.
However, he said "brainstorming" with his British counterparts hasn't been easy.
This echoed comments Schaeuble made earlier this year that London's financial centre benefits the European economy as a whole. He hinted a belief that London's merits should lead Europe to offer Britain a "reasonable" deal in Brexit negotiations.
He warned against "punishing" Britain for it's decision to leave the EU. "We want to keep Great Britain close to us," Schaeuble said.
Read more: Hurting the City will hurt the EU too