European cities are preventing for London’s monetary crown after the Brexit vote

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European cities are approaching London’s wounded financial center.

Following the UK’s vote to leave the European Union, London’s position as the continent’s main financial center is under threat, and officials in Paris, Frankfurt and Dublin are wasting no time accelerating the downturn.

The day after last week’s vote, Ireland’s foreign investment agency wrote to more than a thousand investors reminding them that the Green Island would remain in the EU and that help would be offered with relocation. In Frankfurt officials set up a dedicated hotline for banks wanting to discuss relocation deals outside of the UK in order to prepare for thousands of potential defectors.

A Paris Europlace team promoting French finance plans to travel to London to recruit financial companies and professionals. The French government agency Business France published leaflets describing the joys of work – and life – in Paris.

“We are not trying to take advantage of the pain of others,” said Alain Pithon, Secretary General of Paris Europlace. “But we think we have a card to play.”