French high finance is looking for an escape from the political upheaval and plans to relocate to Milan. According to the newspaper Les Echos, an informal coalition of executives, financiers, and major fund managers has arisen in the City of Paris to encourage the financial elite to select Milan as their preferred destination: it is known as Choose Milano. It is driven by Italy's notably favorable tax regime for billionaires, which is attracting financiers, asset managers, and private equity investors. However, this is not a simple migration motivated by tax difficulties, but rather a geopolitical and financial plan. The clearest evidence is the spread: the Italy–Germany spread fell below 70 basis points last week, while the OAT–Bund (France–Germany) spread is hovering around 75. Essentially, Italy is now considered by rating agencies to be more reliable than Paris. Yoël Zaoui, a member of Prada's board of directors, is among the most enthusiastic expats, having migrated from London to Milan. "The city offers a dynamic market and a solid financial sector", he stated to the French newspaper.