Paris Edition
Bonjour et Bienvenue to the Paris Edition. I’m Bloomberg Opinion columnist Lionel Laurent. If you haven’t yet, subscribe now to the Paris Ed
View in browser
Bloomberg

Paris Edition is now exclusively for Bloomberg.com subscribers. As a loyal reader, we’ll keep sending it to you for a limited time. If you’d like to continue receiving Paris Edition, and gain unlimited digital access to all of Bloomberg.com, we invite you to subscribe now at a special rate.

Bonjour et Bienvenue to the Paris Edition. I’m Bloomberg Opinion columnist Lionel Laurent. If you haven’t yet, subscribe now to the Paris Edition newsletter.

‘Entente Industrielle’

The Franco-British relationship is better than it used to be during the bitter saga of Brexit, when Paris and London traded blows over trade, fish and finance – and when the UK couldn’t even decide publicly whether France was friend or foe. Yet even as geopolitics presses the two countries closer, some scars will take a long time to heal.

Emmanuel Macron, who like his predecessors is choosing to spend his twilight years trotting the globe rather than fighting fires at home, clearly relished the royal welcome of Windsor Castle and the chance to keep binding the Brits closer as a security and defense partner. With Donald Trump playing divide and rule while Vladimir Putin presses his battlefield advantage, there’s value in more common ground between Europe’s only nuclear powers to deter threats and support Kyiv.

UK and French flags along The Mall during a state visit in London, on July 8, 2025.  Photographer: Chris Ratcliffe/Bloomberg

And as a top export destination for everything from aerospace to agriculture to autos, the UK is seen as fertile territory for the French defense-industrial complex. Prime Minister Keir Starmer and Macron announced more joint production of anti-ship missiles, more supply-chain investment and more artificial intelligence collaboration. The “Entente Cordiale” was re-dubbed the “Entente Industrielle” for the occasion, with the Brits also agreeing to chip in to the recapitalization of satellite firm Eutelsat.

And yet this clearly remains a transactional relationship, with the UK media a good barometer of the real political red-meat goal for Starmer: A migration deal to reduce the rise in “small-boat” crossings across the Channel in recent years. Similar to the European Union’s deal with Turkey to reduce irregular entry into Greece, France has agreed to take back some migrants if the UK takes some in (pending asylum processing.) The obstacles are many, from legal approval to political will to uphold it. Brits should note that French politicians feel they, not the UK, are getting a raw deal.

National pride, neighborly rivalry and inescapable geography are keeping the UK and France together and apart at the same time – plus ça change. It may not always be cordiale, but Macron and Starmer can at least claim there’s an entente. And in a world where Europe’s geopolitical light is flickering, that’s a good thing.

Must Read Stories

France and the UK agreed their cooperation on nuclear deterrence, declaring a willingness to coordinate any response to an extreme security threat in Europe.

France is among European countries turning to part-timers, conscripts and reserves to build their armies.

Macron and Germany’s Friedrich Merz will seek to quell a growing Franco-German squabble over the countries’ next-generation fighter jet when they meet for high-profile consultations in Berlin this month.

An FCAS model aircraft. Photographer: Julien De Rosa/Getty Images

French police raided the headquarters of the far-right National Rally on Wednesday in an investigation into suspicions of unlawful funding of its latest presidential campaign, a move the party’s head immediately branded as “harassment.”

France’s antitrust regulator said it notified Meta Platforms Inc. of a potential violation of competition rules related to the online advertising sector.

French authorities raided the local headquarters of Nestle SA near Paris on Thursday, as the scandal into the Swiss company’s treatment of bottled mineral water deepens.

The Week Ahead

Sunday: Macron delivers speech on eve of Bastille Day

Monday: Bastille Day

Tuesday: French PM Bayrou to unveil budget plans

For Your Pursuits

The original Hermès Birkin bag sold for a record $10 million at Sotheby’s in Paris. Not bad for a design sketched out some forty years ago on an airplane sickness-bag.

Jane Birkin's original Birkin bag. Photographer: Ela Lefvre

Enjoying the Paris Edition? Send your feedback to our Paris Bureau Chief Alan Katz, and let us know if you'd like to receive a regular roundup on France.

More from Bloomberg

  • Markets Daily for what’s moving in stocks, bonds, FX and commodities
  • Brussels Edition for a daily briefing on what matters most in the heart of the European Union
  • Money Distilled for John Stepek's daily newsletter on what market moves mean for your money
  • Deals for the latest news and analysis, from IPOs to startup investing
  • Citylab Daily for top stories and ideas, curated for your inbox by CityLab editors
  • Explore all newsletters at Bloomberg.com.
Follow Us

Like getting this newsletter? There’s more where that came from. Browse all our weekly and daily emails to get even more insights from your Bloomberg.com subscription.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.

Want to sponsor this newsletter? Get in touch here.

You received this message because you are subscribed to Bloomberg's Paris Edition newsletter. If a friend forwarded you this message, sign up here to get it in your inbox.
Unsubscribe
Bloomberg.com
Contact Us
Bloomberg L.P.
731 Lexington Avenue,
New York, NY 10022
Ads Powered By Liveintent Ad Choices