Paris to host European Banking Authority

Paris has beat out Dublin, Frankfurt and Vienna for the new headquarters of the European Banking Authority, representing a big victory for France and Mr Macron as the decision will certainly make Paris the European community's new financial hub.

Mr Macron quickly tweeted : "It is the recognition of the attractiveness and European engagement of France. Happy and proud for our country."

Though the actual number of employees is quite marginal, the decision signals that Paris will most certainly become the banking center of Europe. According to the Financial Times, one senior EBA insider expressed that "Paris is a surprise. We always had the impression that Frankfurt or Vienna were the most likely to win". 

The win also comes in spite of little financial incentive offered by Paris (a 1.5M Euros one-time payment vs the 25-year rent-free deal offered by the Viennese) and officials are looking at office locations in La Défense as well as central Paris. The move will take place Spring 2019. The authorities highlighted Paris's lifestyle and geographical advantages. 

In Paris's bid, the government officials sited "a wide range of both state and private education options in foreign languages from age three right up to high school" including 143 international sections and 2 additional international high schools scheduled to open by 2022.

As well, the bid notes Paris's affordability: 1st European Global City in terms of economic attractiveness (3rd after New-York and San Francisco in the world)

Average cost differences with London :

  • Housing (3 appartements in the city centre) -45%
  • Transportation (monthly travel pass) -57%
  • Theatre (2 tickets, best seats) -60%
  • Utilities (1 month – 2-person flat) -47%
  • Gym -16% 

The move will include relocation assistance, French courses, personalized support for spouses job search and international healthcare contacts -- thanks to the "Choose Paris Region" one-stop-stop created in 2016 by pooling resources from all levels of government and the chamber of commerce. 

The decision makes Brexit feel that much more real - and solidifies France's role in the new European community landscape.