Financial centres are key to sustain economic growth, as they provide the infrastructure for investment and savings that drives entrepreneurial endeavours. Their prime purpose is to meet growing global funding needs, and these are expected to be particularly high for the next ten to twenty years. In a world confronted with complex issues - including technological disruption, climate change, ageing populations and social issues - access to market financing, accelerated market opening and the competitiveness of the financial centres have become major new challenges, for the satisfaction of economic and social needs. The collection of data on the different financial centres is therefore of utmost importance and should provide as objective an analysis as possible.
In this context, the Paris Financial Centre strives to develop a financial industry that serves society and contributes to a real and sustainable economy. To this aim, it intends to capitalise on its strong assets, which allowed its moving up ten places in the GFCI September edition.
Indeed, Paris is the only ‘global city’ in the EU, on a par with London, and the leading financial centre in the EU27. It also benefits from a complete ecosystem, including clients, talents and quality infrastructures, as well as from a regulation recognised at
international level and a quality dialogue between regulators and market participants. In addition, the Paris Financial Centre has benefitted, since the election of President Macron, from a strong involvement of the French public authorities to consolidate its position as a leading financial centre. And what has been announced has been implemented. The flexibility of labour law, taxation - in particular in relation to impatriates - the cost of labour and infrastructures - e.g. the international schooling offer - have all been significantly improved.
Today, the Paris Financial Centre is unfolding a new strategy to consolidate its position as financial centre of the future in Europe, based on three main priorities:
• a fully-fledged fintech ecosystem - with striving companies, a large talent pool, a significant number of incubators, and the support of French authorities and regulators;
• sustainable and environmental finance - Paris is the world leader in green bond issues and a driving force in the transformation towards a low-carbon economy;
• infrastructure financing.
It also intends to increase its contribution at European and international level.