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03 january 2008

A High-level Committee to make Paris more competitive

On June 12, 2007, representatives of the financial services industry met with the President at the Elysee Palace for a round-table meeting.


At the meeting the President emphasised how important the banking and financial services industry is to the French economy and employment and announced a plan to make Paris a more competitive financial centre. This plan included the formation of a High-Level Committee entrusted with the task of coordinating the efforts of the public and private sectors to achieve this goal. This committee is chaired by Christine Lagarde, Minister of the Economy, Finance and Employment.

French bankers are pleased to see that the government is aware of the importance of this objective and are participating actively by proposing new measures to promote the development of Paris fi nancial services in each of the key areas being examined by the High-level Committee, which include :

  • improving regulation, an objective that must be pursued by supervisory authorities
  • modernising securities law
  • facilitating procedures for global fi nancial professionals setting up in France

The banking industry has also pointed out the need to revise the payroll tax, which tends to discourages hiring.

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