Creating a pan-European equities market can't be forced through from on high and is likely to be slow in coming, Bank of England governor Eddie George said. "We are already seeing in the market participants fumbling their way to try and find how to arrive at the end point, and I think that process will be going on for some considerable time," George told a panel of parliamentarians of the House of Lords, the UK's upper chamber.

George was asked to comment on London's future position as a world