Tthree years after the United Kingdom’s effective exit from the European Union (EU), the financial center of Paris has become the “first continental place post-Brexit”, welcomed the governor of the Bank of France, François Villeroy de Galhau, on January 9. But this success is only a stage: the day before, the Minister of the Economy, Bruno Le Maire, had announced his intention to present in the spring a bill on“financial attractiveness” of France for, it is explained at Bercy, “consolidate this positive dynamic”. In short, ride the wave triggered by Brexit to attract even more jobs, more activities and above all additional and lasting investment flows.
Since 2021, the Paris market has attracted more than 5,500 banking and financial jobs from London, and the majority of large Anglo-Saxon banks have chosen to establish their market activities in the euro zone in Paris. “It’s not spectacular compared to what London still is, but it’s spectacular compared to what Paris was”summarizes Stéphane Boujnah, the general director of the stock exchange operator Euronext.
The first tangible consequence of this movement is a strengthening of France’s status as a net exporter of financial services: its financial surplus should have reached nearly 5 billion euros in 2023, almost double its 2019 level.
Faced with Frankfurt, Dublin and Amsterdam, which could claim a good part of the post-Brexit transfers, Paris benefited from solid assets: the density of its transport network, the quality of its educational and university fabric or even a rare concentration in Europe of national and international public decision-making centers (such as the European Banking Agency) and headquarters of large private groups.
The financial sector also highlights the reforms adopted in France since 2015 to improve the country’s image and business conditions, whether through tax relief, administrative simplification or relaxation of the code. work. Without forgetting the rejuvenated image given since 2017 by an openly pro-business President of the Republic, major organizer of the Choose France summits bringing together bosses of multinationals in Versailles.
Strengthen the status of “impatriates”
However, for promoters of French attractiveness, there remains much to do. “We did the most obvious; today, we are tackling the most difficult part, to strengthen financial attractiveness in the long term”warns the MP (Renaissance) for Yvelines Charles Rodwell, who submitted a report to the government in December 2023 on industrial attractiveness, first of all, but also financial.
You have 55% of this article left to read. The rest is reserved for subscribers.