Paris wants to become the next City of London. What are its chances?
The Financial Times reports that French economy minister Christine Lagarde (she who previously called for ‘trendy trading floors’) is launching a new assault on the City’s financial primacy.
Lagarde’s latest efforts look a little more punchy and include lower disclosure requirements for companies listing on the Paris-based NYSE-Euronext exchange, less red tape, and recent tax cuts to benefit high earners.
The move follows the release of a report yesterday which put London in pole position among global financial centres and Paris in 11th place.
The FT quotes Lagarde as saying: “One shouldn’t rejoice in the misfortune of others. All the same, the weeks since mid-August show us that the strength of a financial market, and its reputation, do not count for much.”
Is Madame a little too keen to dance on London’s grave? And is Paris in any kind of position to capitalise on the City’s cadaverous hue? Let us know what you think.