Dr. Donal Donovan:

Financial markets now are fairly well dispersed throughout the world. They are in Europe and in America and I am sure there are some in Asia. It is not sometimes clear where exactly someone is headquartered. One may be headquartered physically in a country but, in fact, one's financial operations may span several countries and continents. Yes, the IMF is headquartered in Washington which is not a major market financial centre but of course the political headquarters. The ECB is in Frankfurt and wherever. I am not sure what that tells me, personally.