Jim Armitage: Like London, Madrid and New York, Paris will not be bowed
When Islamic extremists attack unarmed men, women and children in western capitals, they hope their violence will spread more than just grief and fear.
The plan is to harm their enemies’ economies as well, creating a combination of misery that will persuade their victims to alter their foreign policy.
But, as we learned with the 7/7 bombings, 9/11 and the Madrid train-station atrocity, they fail on all counts.
On 7/7, the FTSE 100 fell 3.5% in the minutes after the attacks in London as investors sold shares related to tourism.
However, not only did that knee-jerk reaction quickly reverse, with the FTSE 100 rebounding by the end of the day, but in the weeks and months that followed, the sustained confidence proved justified: there were hardly any cancellations in bookings to London for airlines, hotels and travel companies and our capital’s popularity as a global tourist and business destination has only increased since.
Paris tributes from around the world
It is heartening to see a similar sentiment afoot in France today.
A brief early fall on the Paris bourse was quickly reversed by a rally and a sense of resilience.
France’s economy may be vulnerable in many ways, with its over-regulated labour markets and inefficient public sector. But the people who drive it, and their friends abroad, will not be cowed by terror.
