Frankfurt the Best Option

i - 1 - A message from Wolfgang Schäuble, Federal Minister of Finance The decision by the British people to withdraw from the Eu- ropean Union raises many questions – not least in the area of financial market regulation. It is not yet clear how these questions will ultimately be resolved. Until then, we in the Euro- pean Union will face a number of uncertainties and risks. This makes it all the more important to minimise such risks and to take timely measures that will ensure stability and give us the certainty to plan ahead. Selecting an optimal location for the future headquarters of the European Banking Authority is one such measure. I am firmly convinced that a key combination of factors makes Frankfurt the best option: First-rate infrastructure: Frankfurt is situated at the geographic heart of Europe. It is one of the continent’s main transport hubs, offering outstanding connections to all of the major financial centres both in Europe and around the globe. Frankfurt’s high level of international competitiveness is well-known. Its dense network of banks, insurance companies, and nation- al and European institutions and supervisory bodies is a unique asset that no other financial centre in Europe can match. In addition, a large number of highly respected law firms and financial companies have offices in Frankfurt, and the region is home to 34 top-notch higher education institutions. Put all of these components together, and you have a city with a tre- mendous level of financial market expertise. Ready for a seamless transition: To ensure the continuous stability of financial markets in the European Union, it is imperative for the EBA to remain fully functional during the transition period. Selecting Frankfurt as the EBA’s new home would provide this continuity. A number of centrally situated, high-quality office spaces are available for the EBA’s immediate relocation, and at very inexpensive conditions when compared with other European cities. An optimal environment for an international institution: With its vibrant international community, Frankfurt is easily one of Germany’s most cosmopolitan cities. It is home to a large number of international firms, thus ensuring an extensive pool of skilled talent. In addition, over 30 public and private schools offering international curricula are located here. Its rich and multi-faceted cultural scene is also tailored towards an international audience. These are just a few of the competitive advantages that Frankfurt has to offer. Furthermore, the city benefits from the positive and stable economic conditions prevailing in Germany. A decision in favour of Frankfurt would ensure the continued success of the EBA’s work. This would be true not just for the EBA but for all financial institutions based in the United King- dom, which would all be welcome to make Germany their home. - 2 - A message from Volker Bouffier, Minister-President of the state of Hesse All roads lead to Hesse and Frankfurt, which is located at the geographic heart of Europe. This is a motto we confidently proclaim, and because Frankfurt is the largest financial centre on the continent, we are proud that it also applies to the areas of financial market stability and regulation. Our vision is always directed towards the European Union in its entirety, not just the euro area. This approach has helped Frankfurt to maintain its prominence in the globalised world of finance and to reinforce its position as a centre of excellence for European financial market stability. This is a central priority for the government of the state of Hesse, because Frankfurt is home to a unique network encompassing all relevant financial sector stakeholders. As a result, communica- tion routes are extremely efficient here, and this facilitates balanced financial policies that take diverse interests into account and that at the same time are designed to advance sustainability and trust. The finance industry is a major driver of Hesse’s economy, and Frankfurt has a long tradition of serving as a base for financial sector companies and authorities. This manifests itself in the bank towers that are such a prominent feature of the city’s skyline. This tradition is also a covenant, which we believe gives us a responsibility to guide and shape the region’s future development in a way that also takes the interests of businesses and consumers into account. We pay close attention to trends and take measures to attract new business models and FinTech companies to Frankfurt. An internationally renowned network of universities and research centres that place a particular emphasis on economic and fiscal policy helps us in our efforts to achieve this objective. Innova- tion boosts competitiveness in a global market. At the same time, the global financial crisis showed us the importance of supervision and regulation. Put all this together, and you have both the framework and the force field for the sound, reliable and competitive development of the financial sector. The industry looks to Frankfurt, because the word of the supervisory authorities located here car- ries European and international weight. The EBA’s relocation to Frankfurt would round out the existing network of institutions – currently made up of the ECB, ESRB, SSM, EIOPA, Deutsche Bundesbank and BaFin – in a single location. This would enhance the EU’s status as a force for financial market stability worldwide, thus benefiting all EU member states. Today more than ever, it is crucial to speak with a unified voice. So it is not just as a Hessian, but rather as a staunch European, that I would like to underscore the importance of bringing all of these organisations together in one place. In our view, Frankfurt’s bid to serve as the future home of the EBA also represents an opportunity to boost efficiency. The decision to relocate an agency is one that must be made carefully, because it has direct rami- fications for staff members and their families. I would like to assure you that our bid involves a comprehensive vision that goes well beyond financial questions and economic data. Frankfurt and its surrounding region stand for a multi-faceted, global outlook, and our state of Hesse has much to offer. To us, having the EBA and its staff make Frankfurt their new home would be an enrich- ment that we would very much look forward to. Welcome to Frankfurt. - 3 - A message from Peter Feldmann, Mayor of Frankfurt To me, Frankfurt is Germany’s most beautiful city. It offers every- thing people expect from a major international city, and much more. The Main river is a perfect example: its scenic banks attract a cosmopolitan mix of cyclists, skaters and runners, lovers of culture en- joying one of the many riverside museums, and café-goers taking in the skyline at the end of the workday. In less than ten minutes, you can walk from the Main to a wide array of venues that offer world-class entertainment cater- ing to every taste: the Oper Frankfurt in the central business district, the Schauspielhaus theatre, the Alte Oper, and the outstanding English Theatre – the largest English-language theatre on the European continent. From there, a leisurely stroll of a few minutes leads through the “Fressgass” – a popular area with an abundance of restaurants, bars and cafés – to the Zeil, one of the busiest shopping areas and pedestrian zones in Germany. The Zeil is directly adjacent to the central business district, which means that the people working in the shimmering office towers can just hop outside to enjoy lunch in the sunshine or do some casual shopping. When I am in the city centre, I take special pleasure in all the international visitors who come to explore the old town and half-timbered houses near the Römerberg square or to meet up with business associates from around the world. The city centre is a popular meeting place for business travellers – after all, it is just 12 minutes away from the Frankfurt Airport, one of Europe’s largest airports. The central train station is even closer and is a major link to a first- rate railway network with easy connections to other large cities in Germany and Europe. This is a major plus point for commuters. People who prefer to live in the countryside can take advantage of an extensive highway network and a highly efficient public transport system to get into the city quickly and comfortably. The beautiful countryside surrounding Frankfurt only adds to the city’s attractiveness. The forests and hills of the Taunus and Odenwald and the vineyards of the Rhinegau region are perfect for day trips, weekend excursions and short vacations. With all of these assets, combined with a flourishing economy, it is no wonder that more and more people have been choosing to move to Frankfurt in recent years. For this reason, we have been developing new residential areas and building new office towers to ensure that our new arrivals experience the same high quality of life that we have long enjoyed. In addition, the number of German and international schools and childcare centres is steadily increasing. This is a wonderful development, and I am happy that Frankfurt’s future will continue to head in this positive direction. - 4 - I. The financial hub of Frankfurt: A portrait a) Frankfurt – Europe’s centre of financial market stability The financial hub of Frankfurt is situated at the heart of Europe. From the geographic centre of the continent, finance industry companies work hard to ensure that the econ- omies of all 28 EU member states enjoy growth and prosperity. Less than 10 years ago, the global financial crisis exposed the close links between stakeholders around the world and proved that crises pose a major risk of contagion.

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