A SUPPLEMENT TO EUROMONEY - MARCH 1996The fight for FinanzplatzAt the eleventh hour, German bankers have begun lobbying to save Frankfurt's financial market. But the legislation they want may come too late to make the city a leading financial centreWith hindsight, the champions of Frankfurt admit they may have waited too long for backing from the Bundesbank. These bankers, brokers and blue-chip corporations repeatedly asked the Bundesbank to help them to correct the shortcomings of Germany's financial market place, only to be repudiated. The Bundesbank argued that supporting the local Finanzplatz was not its concern. Finally, Bundesbank president Hans Tietmeyer spelled out the message in public. More than a year later, the Frankfurt Stock Exchange's New Year reception on January 22 1996 is still a painful memory. Borse chairman Rolf Breuer, also a board member at Deutsche Bank, had decided to use the opportunity to describe how Frankfurt could promote itself better. He talked about the impressive Paris Europlace campaign from the French and pointed out how many legislative reforms Germany still needed to make in order to strengthen the appeal of Finanzplatz Deutschland. A more concerted campaigning effort was needed, in Breuer's opinion. |