EU members should be wary of stealing London's super-sized financial sector | Howard Davies

Paris and other cities have put out Brexit welcome mats for the City, but does banking unbalance the wider economy?

As the UK's Brexit negotiations stumble on, other European countries are using the uncertainty about the future regulation of the continent's financial markets to tempt firms and activities away from London.

The French have been particularly active in support of Paris, but Frankfurt, despite lukewarm support from the government in Berlin, has not been far behind. And other cities such as Luxembourg City, Dublin and Amsterdam have laid out their own welcome mats. Bankers have not been so popular for a decade or more.

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There is a ring of plausibility to the argument that with finance you can have too much of a good thing