Paris Gets Serious

France loosens reigns, tries to stay competitive

With London and New York City the top two updisputed financial centers of the world, Parisians are making changes to keep up, reports The Internation Herald Tribune. The French are looking for ways to reduce the regulatory burden of doing business in France, including permitting financial information to be submitted only in English. Pressure on the French is substantial. A new study, sponsored by the City of London, ranks the top 50 world financial centers. Paris comes in at only #11, just better than Toronto and not as good as Geneva, meaning plenty of work will need to be done. GEO

Magnate Magnet

London excels at drawing super rich

Yet another reason London is emerging as the world's financial center is its ability to attract the most well-heeled indviduals on the planet. The Wall Street Journal reports that London is experiencing a boom in billionaires, and that they aren't home-grown. From Iceland to India, the gigawealthy are settling down in London. The paper reports that of the 10 richest individuals in the U.K., only three are originally from there. They are being drawn by low taxes, and ease of conducting business around the world. GEO

Desperately Seeking Creatives

New empirical study looks for Europe's "creative class"

The JENA Economic Research Papers group released a paper that tries to identify where Europe's creatives reside, and what impact they have on the economy. The study seeks to put numbers to Richard Florida's book, The Rise of the Creative Class, which argues that the so-called creative class is important to urban and economic development. Lures for such creatives include cultural and social institutions, and a diverse environment open to potentially hedonistic ideas. Florida argues strongly against social capital thinkers like Robert Putnam in Bowling Alone. His hypotheses are not without critics, which includes Joel Kotkin, author of The City. GEO