The City of London plays a central role in the internationalisation of bank capital. This internationalisation is based on a specialist type of banking called euro-banking which has focussed on lending to Multinational Corporations and Sovreign States, and which has enhanced the integration of the Newly Industrialising Countries and oil exporting countries with the Advanced economies. Different degrees of state regulation between countries has been important in the evolution of Euro-Banking and is likely to remain so for the future internationalisation of bank capital.
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