Here’s the thing: Frankfurt isn’t Paris. Or Amsterdam. Or Dublin. Or Italy. Or even Cologne. It knows this. And it knows no one chooses to live there. They have to live there, because they want to work for a bank or work for something else that works for a bank, and due to an accident of history Frankfurt got to be Germany’s, and by extension continental Europe’s, financial center.
People used to living in a real city—London, for instance—are generally not eager to spend their weekends hiking in the hills, or being unable to purchase any consumer goods between 4 p.m. on Saturday and 10 a.m. on Monday. Like the other 717,624 people drearily passing their lives along the Main, the Brexit refugees have to be given no other choice. This, according the Association of German Banks chief Michael Kemmer, is the government’s job. And it’s not doing a very good job.
“There needs to be a clear political commitment to Frankfurt as a financial centre. This needs to come from the federal government, from the state of Hessen, from the city of Frankfurt,” he said.
“I’m not saying German politicians are against this. I’m saying that in my opinion this political commitment could be a bit louder … they need to market the financial centre more aggressively. The French and Paris are being far more active.”