In recent years Paris has undergone an astonishing revival. Global businessmen, financiers and techies casually drop into conversation that they are spending more time in the City of Lights. Wall Street banks have expanded their offices there; venture capitalists are signing more cheques for French startups. An annual investment summit, held in May at the Palace of Versailles, has become a fixture in chief executives’ calendars. This year, as they sipped champagne with President Emmanuel Macron, company bosses pledged investment projects worth €15bn ($16bn).
The renaissance is part of Mr Macron’s ambition to make France more innovative and business-friendly. But the project is now in danger. After his centrist party suffered a drubbing in the elections to the European Parliament, Mr Macron called a snap national parliamentary election, the first round of which is due to be held on June 30th. Hard-right and hard-left parties are polling well ahead of Mr Macron’s group. Both have unsustainable spending plans that are spooking investors and are far from friendly to global business. Only a few weeks ago Paris, which is also due to host the 2024 Summer Olympics in July, was basking in the limelight. Now a cloud of uncertainty hangs over its great commercial revival.