I In recent years Paris underwent an amazing revival. Businessmen, financiers, and techies from around the world casually mention that they spend more time in Paris. Wall Street banks have opened new offices in the City of Light, and venture capitalists have signed more cheques to fund French startups. The annual investment summit at the Palace of Versailles in May has become a regular event on the calendar of chief executives. While sipping champagne with President Emmanuel Macron this year, CEOs of companies pledged investments worth EUR15bn (USD16bn).
The renaissance was part of Macron’s plan to make France more innovative, and more business-friendly. The project is now at risk. After his centrist group suffered a crushing defeat in the European Parliament elections, Mr Macron called for a snap national election. The first round is scheduled to take place on June 30th. Hard-right and hard left parties polling ahead of Mr Macron’s group. Both parties have unsustainable plans for spending that scare investors and are not friendly to global business. Paris, which will also host the Summer Olympics 2024 in July, was a hotspot just a few short weeks ago. A cloud of uncertainty now hangs over the great commercial revival.