Within weeks of each other two events are taking place that have momentous importance for Europe – and for London’s future as a world financial centre. One, the five-yearly election of a new European parliament, could not be more public, inviting the participation of 400 million voters across all 28 member states. Polling takes place between May 22 and 25.

The other event happened with rather less fanfare a few weeks ago. In the early hours of March 20 in a conference room in Brussels, as part of the construction of the eurozone's "banking union", the 18 countries of the eurozone reached agreement on the common resolution process for liquidating failed banks. These are not, perhaps, events that all Europeans take seriously. The first because, although everyone knows it is happening, not so many care, and the second because of the few who noticed it, how many understood it?