Paris et les autres places financières européennes après le Brexit

Christian Noyer

Revue d'économie financière, 2022, vol. N° 148, issue 4, 83-92

Abstract: Triggered by the exit of the United Kingdom from the European single market, the relocation of financial activities towards the European Union is significant. It covers all branches: banking, markets, insurance, asset management. The transition is nevertheless not ended, because European regulators have allowed time and steps to relocate. An estimate done in spring 2021 counted 440 firms concerned, 900 billion pounds of banks balance sheets and 7400 jobs. The reality today is certainly significantly higher. Several financial places of the European Union have benefited, but Paris appears the only one to have received from all branches of the financial industry, and the place where market activities are concentrating. Paris displays several assets: its talent pool, the city's attractiveness, the reputation of its regulators, the dynamism of its actors. There remains nevertheless handicaps that take time to correct, essentially on the side of tax and benefits costs (social levies, production taxes), which justifies a pursuit of competitiveness efforts. JEL Classification: F36, F38, F65, G18, G21.

JEL-codes: F36 F38 F65 G18 G21 (search for similar items in EconPapers)
Date: 2022
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