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numerous other metropolises, is a good example of effective place-based marketing to strengthen local action. Access to services and sustainable financing The generation of sufficient revenues for universal access to basic services organized by the metropolis is underpinned by spatial planning investment planning, the definition of global funding strategy, the hybridisation of resources and the strengthening of local economies. The challenge is to anticipate the needs over long periods and to commit often considerable investments. Projects such as the Île de France Region’s commissioning of five or six new metro lines in 2030 (200km; 72 stations; 27 billion euros) or Riyadh’s 175 km of new metro line at 17 billion euros cannot be improvised. The conditions for such strategies are rarely met and never in an exemplary manner. Metropolitan regions are living and moving organisms. They need to take into account institutional, environmental, social, and economic contexts that are complex to control. No metropolis possesses the magic formula for profitable financing of all basic services in its territory; and the rules for performance and efficiency in the most organized metropolitan administrations resist transposition into environments that may be experiencing exponential growth in demand for services, investment obligations, fees and costs of maintenance, with limited user ability to pay, over-indebtedness or widespread corruption (see the “exemplary” case study of Antananarivo). In the shift toward the financialisation of economies, to the detriment of real, local economies and the environment, two dynamics have been triggered more sharply than ever before. First, resource hybridisation (local, national, in banking and financial markets, from international donors, specialised financial institutions, etc.) now tends
to be better exploited by metropolises. Equally, an endogenous approach, directed to the local area, where the local economy is the primary contributor to local development, complements traditional schemes of tax recovery, state grants, PPPs, and other funds from capital markets. Even if we are only beginning to take back and re-localize our economies, these steps introduce a revolution in economic thought in which competition does not take precedence over the network of inter-communal, inter-generational and inter-territorial solidarities. Innovative financial vehicles and practices diversify resources by mobilising local and international resources that are rarely, if ever, used. Supported by diverse international donors or members of the banking and financial sector, city networks, private sector and NGOs, metropolises can raise their creditworthiness and credit ratings following criteria adapted to the socio-eco- political principles guiding public policy. Among these vehicles are: impact investment/output-based aid (OBA); infrastructure, retrofit, and endowment funds; local investment funds and carbon funds (clean development mechanism, local carbon exchange markets); migrant remittances; sub-sovereign loans from bilateral agencies (with or without the guarantee of the state); and access (progressive or accompanied) to bond issuance upon empowerment of the administration and elected officials (we will discuss examples from New York, Casablanca, Melbourne, Tokyo, Sao Paulo, Bogota, Medellin, Ahmedabad, and Lima). Land and property taxes are discussed and promoted these days as a panacea for metropolises that are legally able to implement them and define their ratios, including taxes on residence, property, land-value gains, but also on land holdings, anticipated land purchases, commercial and real-estate valorisation of nodal spaces (transport stations), and small business increment fi-