Our ambition for Paris’ Financial Centre · Our ambition for Paris’ Financial Centre 6 July 2017 Contact Matignon Press Ofﬁce 57, rue de Varenne 75007 Paris ... The procedure

P REM I ER M I N I S TRE

Our ambition forParis’ FinancialCentre

6 July 2017

Contact

Matignon Press Office57, rue de Varenne 75007

ParisTél. : +33 1 42 75 50 78/79

Contents

The solid assets of Paris’ Financial Centre

The strengths of Paris’ Financial Centre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

The quality of regulators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

The French inpatriates tax regime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

The contributions of Paris’ Financial Centre to the economy and jobs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Strong measures to strengthen theattractiveness of Paris’ Financial Centre

Improving fiscal stability and legibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

The procedure for reversing over-transposition

and simplifying financial matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Adapting to develop skilled trades in the financial sector . . . . . . . . . . . . . . . . . . . . . .8

Paris, international financial marketplace, legal marketplace . . . . . . . . . . . . . . . .10

Developing international education facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Our ambition for the Paris Marketplace

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The strengths of Paris’ Financial Centre

Paris’ marketplace already has great potential to establish its position as the financial

centre of reference in continental Europe. Its main strengths reside in the size and

diversity of its comprehensive financial ecosystem, the quality of its supervisors, the

concentration of clients, the existence of a large financial talent pool and its easy

interconnection with London and Europe.

For this reason, Paris represents a very attractive and credible option to relocate activities in thecontext of Brexit. Though every European marketplace presents a strong comparative advantage inone or more activities, Paris is the only financial capital in continental Europe, after London, toprovide a complete ecosystem in one single place and of a size that is crucial to the majority offinancial activities (market infrastructures, banking, insurance, asset management, fintech) in aleading position for example in terms of green financing (“Finance for tomorrow” initiative in June2017).

Through the legacy of a centralised organisation, Paris accommodates five of the twenty leadingEuropean banks and three of the twenty-five leading global insurers. Paris is also the first centre forasset management in continental Europe, home to global leaders. The Paris Marketplace also meansa presence among clients, as the location of leading global and European companies.

It is particularly recognised for the quality of its supervisors (Autorité des marchés financiers (Frenchstock market regulator) and Autorité de contrôle prudentiel et de résolution (French PrudentialSupervision and Resolution Authority)). They are the only supervisors in continental Europe toeffectively supervise complex market operations. Indeed, French banks continue to perform asignificant part of their trading activities from Paris, which is not the case of neighbouring countrieswhose leading banks now conduct their activities under British or American supervision.

In the financial industry, added value is essentially created through human resources, which thereforerepresents a strategic asset. French know-how in activities with high added value is unanimouslyrecognised, as is the excellency of its financial training (the four leading master’s degrees in financeare French, according to the Financial Times ranking for 2017). The talent pool represents a realstrategic asset for Paris, and this for many reasons. Tens of thousands of French people work inmajor financial institutions, particularly those established in London, and have significantresponsibilities or are even able to weigh in on the decisions that are made there. It will therefore beeasier for financial institutions to convince French expatriates to return to Paris. There, they will alsofind a recruitment pool of an excellent quality.

As regards the spouses of international employees, Paris is the only financial centre which isalso a world-class economic capital, this strengthens the possibility for spouses to find andtake up a job, regardless of their business sector.

Finally, the high level of interconnection offered by the various means of transport available inthe Paris region is a key asset. This is particularly the case for the Eurostar link between Paris andLondon, but also with Brussels and other parts of Europe. On the short and medium terms, ties withLondon will remain close. It should therefore be expected that employees in the financial sector willoften travel between London and the other financial centres in which relocations will occur.


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The Paris Marketplace’s solid

The quality of regulatorsAmong the many assets of Paris’ financial centre is the quality of its regulators and day-to-day supervision, which is unanimously recognised on a global level, providing marketparticipants with clarity and reliable expertise.

France is unique for the quality of its supervision which has proven its robustness both before,during and after the crisis:

w As a sign of the supervisory authorities’ vigilance, the crisis did not lead to the failure of systemicbanking or financial operators.

w Still today, while some European banks are faced with difficulties, French banks stand out fortheir solidarity.

Paris therefore offers both reassuring and pragmatic regulations and supervision, which contributesto improving the international reputation of French supervisors. The latter actively contribute todiscussions in international fora (Basel, Financial Stability Board, etc) where they are both listened to,respected and recognised for their expertise.

Supervisors have been able to create a regulatory environment which is favourable to thedevelopment of activity in the financial sector:

w The French supervisory authorities’ decisions are quick, reasoned and predictable: while ensuringcompliance with European rules, French supervisors issue licenses to asset managers within onemonth, compared with more than three months’ wait on other European marketplaces specialisedin management. As a sign of the openness towards new practices and of the responsiveness ofthe Autorité des marchés financiers, the first authorisations on a European level for long-terminvestment funds (ELTIF) were issued by French supervisors.

w French supervisors encourage innovation and promote tomorrow’s talents: a common AMF –ACPR centre provides Fintechs with more effective guidance in their development.

A constructive and structured dialogue between the Ministry of Economy and Finance, theBanque de France, the Autorité de contrôle prudentiel et de résolution, the Autorité des marchésfinanciers and marketplace actors has allowed for the construction of competitive regulationsand has reformed the legal framework in order to better respond to companies’ needs andparticularly those of medium-sized companies.

w Development of the Euro PP market has enabled the financing of European companies with morethan €12bn, in 145 operations, in 2015.

w The reform on negotiable debt securities carried out in May 2016: this short-term market financing,which is cheaper and more transparent, represents more than €310bn. The name of these newfinancial instruments - Negotiable European Commercial Papers or New CP - attests to this globalambition for modernisation.

w The reform on debt financing in May 2017 to allow companies to obtain cheaper financing bymodernising the procedures for convening investors and decision-making (possible recourse todematerialisation, etc.)

A desire to modernise, and even anticipate, to provide Paris with a head start:

w It is under French law that, for the first time in Europe, legal and security conditions shall be setin which the technique of database distribution (blockchain) may be used.

w As a sign of our openness to the diversification of financial actors and sources, France hasfinalised the first clear and complete legal framework in Europe to allow investment funds to loanin real time.


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The French inpatriates tax regime

In 2013, 120,000 talents, trained in France, had left France, that is twice as much as in 2006 accordingto Insee (French National Institute for Statistics and Economic Research).

Inpatriate employees and managers who are fiscally assimilated as non-residents in France over thelast five years preceding their taking up of employment, and who are called up by a foreign companythrough a company established in France which has ties to the original company (intra-group mobility)or directly recruited abroad by a company established in France (direct recruitment) benefit from aspecial income tax regime. This regime is characterised by:

w the exemption of the supplementary bonus which is directly linked to the performance of aprofessional activity in France for its actual amount (inpatriate bonus provided by the contract) or,by option for employees directly recruited abroad by a company established in France, for anamount evaluated on a lump-sum basis of 30% of the salary;

w the exemption of part of the salary corresponding to the activity exercised abroad;w the exemption for up to 50%, under certain conditions, of the amount of some passive incomeand some capital gain on disposal of investments and corporate rights held abroad.

However, the salary which remains taxable cannot be below that paid in France for an equivalentposition.

The Government is committed to protecting this regime which is the subject of broad consensussince 2004 in order to facilitate returns and avoid the departure of both French and internationaltalents.

This measure provides significant support to companies wishing to settle on our territory as much forthe employer as the employees.

Regarding individuals who have taken up employment after 6 July 2016, the duration of exemptionfrom income tax was extended from 5 to 8 years. This measure is particularly relevant in the financialsector. Indeed, seniority in a bank in France is on average 9 years.

The French regime for inpatriates remains the most attractive one in Europe today.


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The regime for inpatriates:

- Term: before 2017, 5 years; since 1 January 2017: 8 years

- “Inpatriation” bonus exempt from payroll tax

- Income tax reduction

- Property owned outside France for 5 years exempt from the solidarity tax onwealth (ISF).


The contributions of Paris’ Financial Centre to the economy and jobs

Representing 4.5% of French added value, the financial sector plays an essential role inthe financing of companies and their development projects. The financial industry’scontribution to the gross domestic product (GDP) is thus 10 times greater than that of the automobileindustry.

Jobs in the financial sector contribute to the dynamism of the job market with 800,000 directjobs, but also many indirect jobs through many services to accounting activities and legal professions(lawyers, accountants), as well as IT services. On average, one job in the financial sector createsup to three indirect jobs.

The financial sector is a sector which provides employment but which also creates employmentwith up to almost 70,000 new jobs every year:

w the banking sector recruited 35,000 new employees in 2014;w the insurance, asset management and risk capital sectors also created 30,000 jobs in 2014.

The financial sector is a substantial contributor to the national budget and to the financing ofpublic services (education, transport, infrastructures). The taxes and levies on payroll paid bycompanies in the financial sector (40 billion euros, of which 60% by banks and 20% by insurers)represent nearly 5% of all taxes and social security contributions and 11% of those paid by companies.

The development of the financial industry has positive effects on growth, employment,innovation and research.

In France, financing from the financial sector has represented more than 300 billion euros,intended to cover the needs of companies, in a significantly higher proportion than the Europeanaverage. The diversification of financing sources allows companies to become more resilient toeconomic shocks and to the developments of financial regulations. Equity financing providescompanies with the resources needed to finance their projects, particularly innovative and/or morerisky projects. Last year, more than 700 SMEs and mid-caps were funded by the financial market,with 4.6 billion euros raised.

Besides the financing of the economy, the financial sector also contributes through itsinvestments to fund a sustainable economy and enable a smooth energy transition. 746 billioneuros’ worth of responsible investments were made in 2014. Thanks to its financial sector, Franceranks 2nd in the world for debt financing of green projects (green bonds).

The financial sector is also a source of innovation; as such, it represents €82m in research taxcredit (1.5% of the total) and €8.7m in innovation tax credit (5.3% of the total).


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Improve fiscal stability and legibility

The Act on public finance programming and the Finance Act for 2018 will provide economic operatorswith visibility regarding the fiscal trajectory.

Company taxes: a trajectory for decreasing corporation tax to 25%

Corporation tax will be reduced in stages from 33.3% today to 25% by 2022. It will therefore convergetowards the European average. The Finance Act for 2018 will clarify the decrease trajectory with thespecific aims of giving companies visibility.

Capital taxation: reform on solidarity tax on wealth (ISF) and the simplification of investors’taxation.

Redistribution of French savings towards productive investment is one of the Government’s priorities.The solidarity tax on wealth shall be tightened around property assets only, in order to encourageinvestment in company growth. The reform will be voted on as early as this year, as part of the FinanceAct for 2018, and will enter into force in 2019 at the latest.

The wealth tax reform will be completed by the implementation of a single tax rate of around 30% onsavings interest and financial products. It is simple, effective and competitive. As a consequence,France will draw nearer to the European average.

Regarding fiscal legibility: the abolition of the extension of financial transaction taxes (FTT) tointraday operations

The basis of assessment of financial transaction taxes (FTT) includes any acquisition of shares issuedby a French company of which the market capitalisation exceeds a billion euros and which has led tothe transfer of ownership at the end of the day.

Article 62 of the Finance Act for 2017 had included intraday operations as of 1st January 2018.

This measure presents a risk of unfair competition which would be detrimental to the French financialsector and to French companies, investors having more incentive to make their orders from abroad.

Thus, the extension of the basis of assessment of the FTT is not appropriate, due to the highuncertainty that it would cause and to costs incurred by the financial sector.

Consequently, the Government will abolish the taxation of intraday operations introduced by theFinance Act for 2017, and this prior to its entry into force.

The Government will, however, maintain the existing regime of taxation of financial transactions inFrance, with a rate of 0.3%, based on net stock purchases of French companies whose capitalisationis higher than €1bn.


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Des mesures fortespour l’attractivité de la Place de Paris

The procedure for reversingover-transposition and

simplifying financial mattersToday, many facets of banking and financial law rely on European Union law. These regulations aimto ensure uniform rights and obligations for all economic actors within Member States.

Yet, during the successive transposition of European standards in the financial sector, French lawsometimes leaned towards over-regulation. This is the case, in particular, as regards the transpositionof optional provisions, or minimal harmonisation provisions, for which the French government maderegulatory choices which were more demanding or more restrictive for economic operators.

The consequence of this being to impose additional charges on economic actors in comparison to theirEuropean neighbours, going beyond what is strictly required under our obligations.

In order to limit the negative effects of these decisions on the competitivity of French companiesin comparison with their European competitors, the Government commits to:

w no longer perform this type of over-transposition in the future in order to ensure equalplaying rules for all within the single market;

w assess on a case by case basis, for texts that have already been transposed, over-regulations which do not appear justified with a view to modifying or abolishing them.

This over-regulation is a source of complexity for economic actors and investors. It is detrimental tothe deepening of the European capital market by creating regulatory barriers.

A first step in this project shall be taken as part of the bill on the right to error and simplification, in orderto swiftly ease certain burdens which weigh on economic actors due to these over-transpositions.Many areas of financial law will benefit from these developments: this is the case for example for theexemption from establishing a management report for small companies, as provided by the Europeandirective.

Furthermore, the Government commits to assess, and where necessary carry out, the necessaryregulatory and administrative simplifications for simplifying the activity of financial actors and limitingundue burdens which may weigh on them.

In this respect, a public consultation will be launched to help identify which provisions requireexamination, with a view to fostering a bill on the simplification of financial and corporate law.


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Strong measures forthe attractiveness ofParis’ financial centre

Adapting to develop skilled trades

in the financial sectorThe financial sector has certain specific characteristics as regards the management of humanresources. Financial activity is indeed a cyclical activity in which individual performance is rewarded(substantial incentives or “bonuses”) when the result increases, but also punished (termination ofemployment contract) when the result decreases.

For this reason, the existing framework of labour relations is not always entirely suitable:

w the ordinary law procedure for dismissal results in procedural timeframes which are unsuited toactivity’s fluctuations and the significance of the remunerations paid;

w with regards to the level of remunerations in this sector, the absence of a cap on socialcontributions also plays a part in raising the cost of skilled labour to the point of creating a majorcompetitive disadvantage compared with our competitors.

It is therefore necessary to reassess these rules with regards to the nature of the financialactivity but also with regards to global competition. In order to address these challenges, theGovernment has therefore decided to adopt numerous measures.

1. The payroll tax reform, currently detrimental to employment, will help to reduce the cost ofwork and promote business growth and the creation of direct and indirect jobs

Created in 1948 on a temporary basis, payroll tax is paid by the health and social sector (associations,hospitals) and the financial sector. Many reasons now justify the abolishment of the fourth tranche:

w While VAT was extended to most sectors of activity in 1968, it was not extended to sectors whichremained national in essence or which were integrated into the public service (as was the majorityof the financial sector at the time), and which were very little exposed to global competition. Thefinancial sector was essentially nationalised at the time. However, today, on the contrary, thefinancial sector is highly internationalised and exposed to competition.

w Furthermore, by taxing the payroll, such a taxation has proved detrimental to employment.France, along with Sweden and Denmark — countries which do not have a financial sectorof a significant size — is the only country to have maintained such a tax within the OECD.

For this reason, the Government has decided to abolish the 4th tranche of this tax along with itsincreased rate of 20%.

2. 2. In order to reduce the cost of the dismissal procedure, incentives or bonuses for “risktaker” financial employees shall be excluded from the basis of calculation of severancepayments.

Though France is in a relatively similar situation to that of its competitors as regards the flexibility ofthe labour market, the delays for dismissal procedures in France can generate particularly high costsfor the financial sector, where fast workforce adjustments are usually found (particularly for traders).Recoverable incentives and bonuses, which vary widely from one year to another, are not part of the


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wages due every month by the employer for “risk takers” within the meaning of European financialregulations, who represent a specific category within the financial sector. Yet, they have to date beenaccounted for in the calculation of severance pay. The Government has decided to correct thissituation, by bringing it into conformity with the spirit of European regulations on the recoverablebonuses for “risk takers”.


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Adapting to develop skilled trades in the financial sector

Paris, international financial centre,

legal marketplaceTo support the attractiveness of its financial centre, and to fully benefit from the opportunities providedby the United Kingdom’s upcoming exit from the European Union, Paris must also assert itself as anindispensable legal marketplace. Measures have already been taken or are in the process of beingimplemented, such as the recent reforms which have taken place in the field of contract law, attractivearbitration law, or the central role played by France in the future unified patent court. In addition tothese measures, and to provide economic operators with an efficient judicial system, the Governmentplans to create international commercial chambers specialising in these highly technical areasof litigation.

On 7 March 2017, the former Keeper of the Seals Jean-Jacques URVOAS had thus charged GuyCANIVET, Chairman of the Legal High Committee for the Paris Financial Centre, with a prefigurationmission to create formations of court able to hear technical disputes, particularly in internationalcommercial litigation, and to carry out procedures under more effective circumstances. The reportwas submitted on 4 May 2017. It specifies which litigation is likely to be concerned, suggests the rapidestablishment of these international commercial chambers in the context of the existing proceduralrules and the current judicial system, before formulating recommendations intended to improve theexisting legal framework.

These international commercial chambers could be competent to hear business litigation of aninternational nature, including appeals regarding international arbitration awards.

Thus, a chamber comprised of magistrates with specific skills recruited via calls for applications,and assisted by highly qualified collaborators would be created within the Court of Appeals of Paris.This Chamber would render decisions on appeal from the Commercial Court of Paris, with a similarformation of court. It could be accommodated on the Île de la Cité, an attractive location in central Parisclose to Notre-Dame.


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TIMETABLE:These plans could be drawn up and carried out as part of the future planninglegislation; the trial could get under way before the end of 2018 within the ParisCourt of Appeal; contact will be made with the Paris Commercial Court from theautumn of 2017 with a view to preparing the groundwork for the implementation ofthe report’s recommendations within its international chamber. A steering committeewill be set up as soon as the trial gets under way.


Developing internationaleducation facilities

Educational facilities are a major factor in the attractiveness of a territory, for attracting future mobility,particularly those resulting from Brexit, and contributing to a better integration of youth in the economicfabric.

With the knowledge that 70% of recruiters favour applications with a linguistic profile, the State andthe Région Île-de-France have decided to combine their efforts to develop international bilingual andmultilingual facilities. The shared objective consists, in particular, of developing public and privateinstitutions under contract in order to attract families and offer new prospects for the integration of highschool students and trainees, who reside in Ile-de-France, in three Ile-de-France Local EducationAuthorities.

This sheet presents the policy for the academic region along with territorial authorities for the nextschool year and for future years, and particularly the development of the offer for international sectionsand high schools and the list of languages.

A new ambition

The academic region already includes a highly developed network of international sections amountingto 143 sections1.

However, the attractiveness of the region can still be improved on a linguistic level and with regardsto specific courses to provide the educational facilities in Ile-de-France with the same characteristicsas those in other major international metropolises.

As part of its plans to invest 5 billion euros over 5 years, the Région Île-de-France forecasts theconstruction by 2022 of three international high schools in addition to the six existing high schools2:one high school in Courbevoie which will open in 2018 particularly to accommodate the children ofemployees in the La Défense business district, one high school in Saclay to promote the establishmentof companies and researchers in this major innovation cluster and one high school in Vincennes torespond to the demand in eastern Paris, two high schools which will open between 2021 and 2022.

Two options are open to promote the mobility of future pupils and students, ensure their culturalawareness and to allow them to become more proficient in foreign languages.


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Number of international sections (per Local Education Authority)

Schools Secondary schools High Schools Total

CRÉTEIL 2 10 9 21

PARIS 6 16 14 36

VERSAILLES 28 35 23 86

Total 36 61 46 143

1 - Example of a geographic information system for the Versailles Local Education Authority here.http://www.ac-versailles.fr/cid118330/carte-des-langues-vivantes.html

2 - Saint Germain en Laye high-school, Franco-German High school of Buc, Jean-Pierre Vernant de Sèvres HighSchool, Honoré de Balzac High School in Paris, François 1er High School in Fontainebleau and International HighSchool of Eastern Paris.


1. Offer an education with a high linguistic diversity and with specific courses across moreterritories or institutions to children of individuals in management positions of internationalmobility.

Academic policies pursue the objective of developing linguistic diversity by establishing such adiversity in all territories, with a view to ensuring balance and demonstrating openness. As part of this,some territories may aspire to obtain an “international hospitality quality label”.

Linguistic diversity in high schools also relies on the development of a European and internationalgraduate offer which meets the objectives set by the region since 2016:

w development of binational baccalauréat diplomas (French equivalent of A-levels) ESABAC,BACHIBAC, ABIBAC and of the OIB (international baccalauréat option, reserved for high schoolstudents in international sections) but also IBs or A-Levels;

w the opening of international sections with an aim to double the number of international sectionsin public high schools to reach 20,000 spaces by 2020. By way of comparison, London has 16,702places and Brussels has roughly 25,000 spaces.

2. Offer new linguistic courses as early as years 3 and 4 (French cycle 3), in secondary school(French cycle 4) and in high school.

The aim is to enhance and diversify the already strong list of languages in order to ensure the continuityof linguistic learning pathways. Thus, the linguistic offer in high schools must be established incontinuity with that offered in secondary and in primary school, levels which have been emphasised(French 3rd and 4th cycles - bilingual apparatus).

The new measures for the next school year

w the international sections in Courbevoie

In this context, a first territory was collectively selected by the Versailles Local Education Authority, theRégion Île-de-France and the Département-level council of the Hauts-de-Seine in order to create a newhigh school with international sections on a particularly relevant site. It will be the Aubrac high schoolwithin the La Défense district (in Courbevoie), with an opening planned for as soon as September 2018for 1,500 spaces. The international sections which will be available (and this at primary, secondaryand high school levels) are the following: Arabic, German, British, Chinese, Korean (the 1st in Francewith Strasbourg) and American. Moreover, the German, Arabic, Chinese and Korean sections will alsobe available at a primary and secondary school level at the beginning of the 2017 school year.

w the international label for education territories

Courbevoie could become the first “internationally labelled” territory, with plans for this label to bedeveloped in the future.

w Enhancing bilingual education

The Versailles Local Education Authority will have 155 continuous bilingual classes at the beginningof the 2017 school year. This continuity relies on a network of schools in which a linguistic project isorganised over the whole of the French 3rd cycle.

w linguistic strengthening in secondary school

Beyond the 12 international sections available at the beginning of the school year in the Versaillessecondary schools and the 155 bi-language schools, the order dated 18 June 2017 allows institutionsto reinforce language teaching, either by providing teaching through DNL (non-language subjects), orby increasing the time dedicated to teaching languages.


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Developing international education facilities

w better access to information on international education

The information on international education will be improved. The Local Education Authorities providea map service detailing linguistic facilities within the territories; this information will be relayed by aninternational education guide in Ile-de-France which is in the process of development by the Regionin liaison with Local Education Authorities: this interactive map will allow individuals to easily accessinformation on international education facilities (international institutions and sections, Europeanclasses, bilingual education) by Département, language and education level. This map will provide thecontact information, admission procedures and potential costs for each institution.

w the rolling out of innovative language learning solutions in high schools

As part of its “smart region” policy, the region encourages resorting to start-ups working in thelinguistic field within educational institutions: the English Attack or Speakshake solutions will thereforebe tested for the first time at the start of the school year in several high schools in Ile-de-France.

Medium-term prospectsThe Versailles Local Education Authority is considering the opening of an institution with internationalsections in the Département of Essonne, in any case around the scientific centre of Paris-Saclay. TheRégion Île-de-France has made the project a priority of its investment programme.

In parallel with this, the three Local Education Authorities are working on the analysis of their linguisticfacilities through the same application which presents these facilities by using geo-location. The aim,in the medium term, is to have a unified and consistent view of the linguistic offers on a regional levelbetween the three Local Education Authorities. This matter will be subject to a shared approachbetween the Local Education Authorities and the Région Île-de-France which calls for such a linguisticdynamic.

There could be a labelling of some territories. The question has not yet been decided.

The partnership in construction between the Région Île-de-France and the three Île-de-France LocalEducation Authorities may be a good example of the pooling of competences to serve a collectiveproject of which the reach could go beyond the Île-de-France region and serve as an example.

Appendices


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Developing international education facilities

Number of international sections in Île-de-FranceSchools Secondary schools High Schools Total

GERMAN 6 6 4 16

AMERICAN 3 6 4 13

ARABIC 1 4 3 8

BRAZILIAN 1 1 2

BRITISH 8 16 12 36

CHINESE 4 6 5 15

KOREAN 1 1 2

DANISH 1 1 1 3

SPANISH 2 3 2 7

ITALIAN 2 3 2 7

JAPANESE 1 2 2 5

DUTCH 1 1 1 3

NORWEGIAN 1 1 1 3

POLISH 1 2 2 5

PORTUGUESE 3 6 4 13

RUSSIAN 1 1 2

SWEDISH 1 1 1 3

Total 36 61 46 143

Our ambition forParis’ FinancialCentre

6 July 2017 Model: Pôle Conception graphique-Fabrication – DS

AF/DPL – July 2017. Photo credits: W

alkerssk/Pixabay.

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Our ambition for Paris’ Financial Centre · Our ambition for Paris’ Financial Centre 6 July 2017 Contact Matignon Press Ofﬁce 57, rue de Varenne 75007 Paris ... The procedure