Le Prix de l'Euro is the Continent's financial prize - which, with the euro now a fact, is up for grabs for the first time in a generation or more. Who will win? London, where the business is? Frankfurt, which scooped the mini-pot a couple of years ago by winning the European Central Bank? Or Paris, which realised the prize was there to be won before either of its rivals?

This report takes the three main financial centres in Europe - London, Paris and Frankfurt - and weighs their form. What are their advantages? Their disadvantages? How well organised are they? How cohesive? How determined? And if the prize is to be split (as it may well be), who has the best chance of getting what parts of the business?

This paper isn't a comfortable read. It suggests a tough few years ahead for London, in or out of EMU. But, even if there is a suggestion that one or two trainers would like to rig the race, the outcome of the Prix de l'Europe is still very much in doubt.