Gold heavy handicaps facing place de Paris

No major economy cannot develop without the existence of a strong and open to international financial place. Britain and the United States began aggressive actions to strengthen the position of their respective markets. Gordon Brown, Chancellor of the Exchequer, just to further reforms to consolidate the strengths of the City; Henry Paulson, US Treasury Secretary, is undertaking a strategic action plan to boost the competitiveness of the place of New York. This is why it is more than ever urgent and essential that the next French officials began the same approach to promote the changes needed. The French industry has, more than ever, need a strong finance.

Gold heavy handicaps facing place de Paris. The absence of a solid base of institutional investors to accompany the development companies, the low competitiveness of our taxation away managers in the financial sector, the complexity of the regulatory and legal environment constitute barriers to the emergence of a strong place, leader of the euro. A thorough reform is essential. So the contribution of funding business, employment and control of our centres of decision; in a Word, of the future of the French economy.

A few figures to take the measure of the growing role of financial markets in the financing of the French economy. In 2006, the financing of market actions and obligations more than represented twice of bank financing. And, with some 800 companies listed on Euronext, the market capitalization of Paris amounted to 1.710 billion euros, equivalent to 100 of the GDP.

In looking closely at our fabric of SME industrial and financial, there is the financial hub of Paris gradually reinforced his contributions of capital to growth companies in emerging sectors and capital investment in France, became an important player in the financing of the economy. Collective management tools are also draining the savings of individuals towards the financing of innovation. Finally, the establishment of Alternext sign the commitment of the Paris financial market to facilitate the access of SMEs to the stock market.

In the field of employment, the figures are also very significant. The financial industry Bank, insurance, business management, research, etc. represents 4.6 of GDP at the national level (15 in Ile-de-France) and 4.6 of the active population (6.4 in Ile-de-France), is much higher than other sectors industrial keys, such as agri-food, automotive and energy.

The financial industry is an essential element of our ability to position us in a globalized world. This capability passes first by the location of our financial centre, close to the companies that it serves to finance and the existence of a pool of capital available to meet the needs of our business and accompany them, also when they encounter difficulties.

Today, the financing of French companies is half, due to foreign investors. This fact reveals the attraction exerted by our companies on international investors; but it also highlights the deficit savings invested in the long term in France and the risk of our business strategy altered according to interests in the short term of certain categories of investors. The development of a solid base of investors household both bold and accompanying businesses, including when it comes to taking risks for enterprises in the restructuring phase, is a key issue to maintain control of our centres of decision.

To make place competitiveness Paris, Paris Europlace released during the campaign a "white paper: 2007-2012, 15 steps to a financial place of Paris world, open and innovative." This plan proposes a series of priority measures. Des immediate measures are needed, such as salaries tax relief; the deletion of the balance of tax on stock market operations; the promotion of the retirement savings. These measures are designed to give back to French financial companies a competitive position in the European and international competition and to strengthen our base of institutional investors. Larger-scale reforms must also be engaged more quickly: limits of trim of payroll, tax incentives to encourage State and companies to develop orders with SMEs, business financing in the boot phase, creation of young financial growth companies to boost the financial hub of Paris and the whole of our economy.

At the same time, the financial hub of Paris launches an ambitious initiative with the implementation of the pole of competitiveness "industry financial-technology and innovation". The approach of the pole of competitiveness is based on assets lights of Paris, including our industry management, which puts the France in the position of leader in continental Europe; derivatives shares, for which the French banks represent 25 of the world market; the quality of the French economy and finance, internationally recognized research.

The financial industry competitiveness pole together already more 15 industrial projects and research, grouped around 5 complementary strategic axes: Paris make the platform of the European financial information; develop the funding of growth companies; strengthen the research and financial innovation; erect Paris, European pole of training in finance; develop social innovation in finance. The financial market demand rapid labeling of this pole, important projects are already committed and ambitious but realistic objective is to increase the share of market in Paris from 11 to 20 of European financial markets in the next ten years.

The white paper at the pole of competitiveness, the financial hub of Paris has engaged in a constructive approach. It is now at the next French officials to mobilize to allow the realization of this approach and given chance to our country in the world of tomorrow. Paris Europlace invited the Minister of Finance of the next Government together soon a Roundtable on the development of the Centre of Paris and to define a clear, offensive strategy to promote competitiveness. It is the ability of our political leaders to this urgent challenge that will depend, in large part, the future of our economy.