Following the UK's exit from the bloc, the EU has attempted to shift firms away from London back to the continent to give it further control in the financial market. However, due to the split between the power of the eurozone and sovereign states, Barnabas Reynolds, warned Brussels' plan could be a "danger to the world" economy. Mr Reynolds, who is the global head of the Financial Services Industry Group for Shearman & Sterling, said: "Underlying the push is a wish to be in a position to control and modify global financial regulatory standards to relieve market pressures on the highly fragile – and dangerous – euro project.

       "However, the idea is a reckless one and the consequences of such an approach, were the EU to succeed, could be calamitous for the world economy."

       Writing for The Daily Telegraph, Mr Reynolds claimed a member state does not have the power to force the European Central Bank (ECB), to print more money to cover debt.

       Under EU law, member states are in charge of fiscal purposes, while the ECB governs monetary matters.

       Due to this friction, he claimed certain financial liabilities within the bloc may be covered by an economically strong Germany, and therefore give a distorted perception of the market.

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       Additional reporting by Ewan Boyle