Look at Britain as a prime example -- decrepit industrial heartlands in the North and modern financial centre in London.
I'm not sure you can blame the decline of industrial Northern England and the Midlands on London's growth as a financial hub though.
Competition from cheap imports (the primary factor), nationalized industries becoming moribund, militant unions, the Tory governments approach to dealing with the above in the 80's and a lack of investment are the major factors in industrial decline.
The New Labour government essentially papered over the cracks with public money during the boom years, rather then invest in the North and encourage specialist manufacturing to move in to the area.
As for the European approach to a financial hub. There may be some grumbling, tantrum throwing and deliberate attempts to screw things up from some parts of the political left and right in the EU - overall though any politician with sense can see that having a financial hub in London, is as important to EU growth as is an Industrial hub in Germany. After all more tax revenue lets the politicos in Brussels live on the high hog.
With something in the region of 500 million citizens in the EU, there is no reason why competing financial systems such as the hausbank versus the market based system can not thrive under an economic free market and further provide some economic hedging for downturns - Germany seems to have survived through the recession rather well.
The question is, does the EU have the willpower to put the squabbling aside and build a manufacturing, finance and science base that can rival China and India in the coming decades? That's something I don't think I can answer.