EURO CITY

Introduction:

London is the political capital of the United Kingdom and a diplomatic, economic and intellectual command centre. It is a huge metropolis located at the northwest end of the European megalopolis. Thus, it is at the heart of the most developed and richest region in Europe. These important and prestigious functions mark its territory with buildings that symbolize them. It is also an international impulse centre that is perfectly integrated into the phenomenon of globalization.

I- Economic functions

London is one of the world’s leading financial centres. This economic function is marked, in the East, by skyscrapers grouped within the City, the CBD (Central Business District), the business center of the capital. The London Stock Exchange, the Royal Stock Exchange of London, with its new premises built on District Paternoster Square.

II- Communications and Global Connection

Indeed, London is a major communications hub for the transport of people and goods. Even if the metropolis-capital is cut by the Channel from the rest of the European continent, the interconnections with the rest of the world remain easy, and fast. It is the world’s leading airport hub with 2 international airports connecting most major international airlines. It is also very well connected to continental Europe by rail connections for example you can cross the Channel and arrive in Paris from London in 2h15.

III- A very large power integrated into the global economy and finance

London is an important decision-making hub for the global economy and finance. This power, this influence began to be formed with the establishment of an immense colonial empire of which it was the capital. Today, London alone produces 19% of England’s GDP (gross domestic product). 1/3 of the head offices of large European companies have taken up residence there and in 2004 London had 34 of the head offices of the 500 largest groups worldwide (80% of the number located in the United Kingdom).

- The City is the first European financial platform. The economic influence of London is based above all on its financial power, which is concentrated in the business district of the City whose activities are related to finance, insurance, law, among others. It is also home to the Royal Stock Exchange of London, the world’s third largest stock exchange.

Above all, the City dominates the trade and insurance sectors (first in the world). It alone recovers 50% of the commissions from world shipping and 29% of the insurance taken out by airlines.

It is therefore a metropolis where higher tertiary activities are very strongly represented. 80% of people in Greater London work in services. The City offers 7.7 million square metres of office space and employs more than 300,000 people, including 57,000 in international banking (making the rest of London the world capital of the bank).

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