Frankfurt and Iceland

Frankfurt, a city with a population of just 700,000 (8% of London) is most frequently referenced as the principal beneficiary of any relocation of banking jobs. Its size and infrastructure mitigate against this possibility. However, as English football fans found last week, it’s dangerous to bet against a team based on the size of its underlying population. Speaking of which, Iceland officially applied to join the EU in 2009 after a narrow parliamentary vote in favour. In 2013, after four years of screening and negotiations, the government decided that it was not in fact bound by this vote after all, and since suspended and finally withdrew its application last year. There’s a long way to go yet…