We want a dynamic place in a competitive Europe

For Gérard Mestrallet, the financial hub of Paris resisted better than others the crisis. The Chairman of Paris Europlace details for "Les echos" proposals that he submitted Tuesday to Christine Lagarde to best take advantage of this report in the out of the crisis.

In what state the financial hub of Paris prepares out of the crisis

The French financial industry has not been spared by the crisis, but she resisted better than others. The 20 billion euros of assets impairment losses suffered are compared to the $ 180 billion lost in London and 400 delving billion in the United States. Obviously, our comprehensive, universal Bank model, offers better protection. We have major players in the Bank, insurance and management of funds that have also improved their global position during the crisis. In the face of adversity, the coordination between private actors and public regulators worked well, thanks to the active support of Christine Lagarde. And I am pleased that Paris Europlace, which brings together all the stakeholders, could make its contribution to mitigate the most brutal effects of the crisis.

The balance between Paris and the City has been altered...

Paris scored points in the City. British banks were much more exposed to assets that most indebted because toxic. The regulation prevailing in the City, characterized by its flexibility, took a blow. Beyond the very violent quantitative impact, the prestige of London has been affected, but do not underestimate its capacity to rebound.

How to take advantage of this balance of power which appears to have evolved to Paris

In this context, Paris Europlace is to be more than ever a force for proposals that translate into concrete actions, because the place of Paris must push his advantage. We want a dynamic place in a competitive Europe. Therefore, we handed over on June 30 at the high place Committee, chaired by the Minister of the economy, a strategic plan to strengthen our competitiveness. This plan identifies twelve yards, led by as many personalities. Four proposals lighthouses could be implemented to support the out of the crisis and restore confidence: improve access of SMEs to sources of funding; develop the primary and secondary bond for the business market; boost Bank securitization activities; Finally, to accelerate the development of long-term savings, via the Perco and elongation of eight to twelve years of tax exemption of contracts of life insurance. These are very concrete proposals, which can be implemented quickly.

Do you not think that the multiplication of the infrastructure of market in Europe is a handicap for the French place

We are clearly the development of regulated and transparent platforms. The proliferation of alternative solutions, permitted by the directive McCreevy, date from before the crisis. I am by sure that it would develop today these tools the European Committee of regulators (CESR) himself said that the conditions of transparency and pricing are far from guaranteed.

What is your position in the current debate around financial supervision

We calons we completely on the led by Jacques de Larosière, report to the European Commission and which we also modestly contributed. It is a smart and well adapted to the situation of Europe. Should now converge with the recommendations of the g-20 and properly articulate the various supervisory bodies. Everything will be matter of execution.

In this climate, you think possible to obtain the tax benefits to enhance the attractiveness of Paris

We are not lobbying to reach out. Our proposals have a strategic goal of a whole which must be beneficial to the financial industry, its users and favourable to employment and growth. The removal of the tax hits wages in financial activities is one of our recurring requests. But it is true that the taxation on persons noted in London. I agree, it is not easy to plead today for tax measures for the financial industry, as we have already obtained development favourable to the status of the unpatriated. But it should not lose sight that the race for talent has already resumed in London and New York. It is therefore essential that homogeneous rules are in place at European and international levels concerning the bonus of market operations.