City hits back over Noyer’s euro warning

Julian Harris
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LONDON hit back yesterday after French central bank governor Christian Noyer suggested that Eurozone governments should take financial services related to the single currency away from the City.

Mayor Boris Johnson joined a chorus of disapproval over Noyer’s comments. “This is a desperate French attack in an effort to make something out of the Eurozone crisis,” the Mayor said. “It’s nothing more than a naked attempt to steel London’s financial crown.”

Chris Cummings, head of TheCityUK, said that political jostling is unwelcome. “This is a time for calm heads,” he told City A.M. “We are about to start negotiations on a banking union – the ramifications of which will be felt for generations.”

City of London Corporation policy chairman, Mark Boleat, said the City’s services benefit Europe as a whole. “Protectionist measures will ultimately damage the perception of Europe as a place to do business,” Boleat said. Noyer had described the City’s euro business as “offshore”.