The central bank warns that France’s post-Brexit performance in recruiting London banks to Paris has exceeded expectations and is affecting the country’s balance of payments.

The French government urged major banks to move European operations to Paris after Britain left the EU in 2016.

Wall Street firms like Bank of America and JPMorgan have established regional trading centers in Paris, benefiting from their efforts.

Financial services firms’ global transactions reached a record 10.4 billion euros in 2022, double the previous Brexit referendum.

Despite the services surplus, France has a record current account deficit of 53.9 billion euros due to high energy import prices.